Tax reform will allow manufacturers to invest in their employees, hire more workers and expand their businesses. As the final tax reform bill heads to President Donald Trump’s desk for his signature, the benefits are already starting to materialize for millions of American middle-class workers.
On Wednesday, Wells Fargo announced that it plans to increase its minimum hourly wage to $15 next year if tax reform is signed into law. The company also plans to invest $100 million in smaller businesses:
“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses and homeowners,” said President and CEO Tim Sloan. “We look forward to identifying additional opportunities for Wells Fargo to invest, as we continue to execute our business strategies and provide long-term value to all our stakeholders.”
JUST IN: Wells Fargo hikes its hourly pay rate to $15 & will aim for $400M in philanthropic donations next year due to the newly-passed GOP tax bill. https://t.co/GmM8bT0zjh
— CNBC (@CNBC) December 20, 2017
Fifth Third Bank Corp. also announced on Wednesday that it would be raising its minimum wage, along with giving more than 13,000 employees an extra holiday bonus:
Cincinnati-based Fifth Third will also give 13,625 employees a one-time bonus of $1,000, which will be paid out by the end of the year as long as President Donald Trump signs the tax plan into law by then. About one in six of Fifth Third’s employee base, or roughly 3,000 employees, will benefit from the minimum wage hike, many of which are employed as customer service representatives in financial centers and call centers, says Stacie Haas, media relations manager for community development and philanthropy.
Manufacturers have already started the hard work of expanding, hiring and competing and are ready to kick into high gear after tax reform is signed into law.
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