Manufacturers promised that bold, pro-growth tax reform would lead to higher wages, more hiring and expanded business opportunities. Now, with the tax reform bill signed into law, the benefits are already starting to materialize.
Melaleuca, a health care products company based in Idaho, announced on Friday that, due to the passage of tax reform, it will give each of its 2,000 employees a one-time bonus of $100 for every year they have been employed there:
Melaleuca CEO Frank VanderSloot said in a phone interview that his 2,000 workers will get a one-time bonus of $100 for every year they have worked at the company. On average, Melaleuca employees stay at the company eight years, which would result in an $800 bonus. The company also has 147 employees who have worked for VanderSloot for 20 years or more.
“We’re going to be able to have quite a few substantial dollars after taxes,” VanderSloot said. “I suspect we’re one of the largest taxpayers in the state, so we’re going to have some more dollars to spread around. That money should go to the people who built the company.”
Melaleuca is hardly alone. This past week alone, Wells Fargo and Fifth Third announced they would increase their employees’ minimum wage due to tax reform; AT&T announced a $1,000 bonus for each of its 200,000 employees; and Boeing announced plans to invest $300 million into its workforce and employees’ communities.
Manufacturers have already started the hard work of expanding, hiring and competing and are ready to kick into high gear now that tax reform is signed into law.
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