Some of the companies giving out raises and bonuses because of tax reform

CEO Brian Moynihan highlighted tax reform in an internal memo announcing the news.

“Beginning in 2018, we will see benefits from the tax reform … in the form of lower corporate tax rates,” he said.

Comcast

Comcast (CMCSA[6]) said on December 20, 2017 that it would give $1,000 holiday bonuses to more than 100,000 employees.

The telecom company added that it expects to spend “well in excess of $50 billion over the next five years investing in infrastructure to radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings,” according to a press release.

The release[7] said the announcement was “based on the passage of tax reform.”

Fiat Chrysler

Fiat Chrysler announced Thursday[8] that it will give 60,000 U.S. workers a one-time $2,000 bonus.

The company also said it’s moving production of the Ram heavy-duty truck from Saltillo, Mexico, to Warren, Michigan, in 2020.

“It is only proper that our employees share in the savings generated by tax reform and that we openly acknowledge the resulting improvement in the U.S. business environment by investing in our industrial footprint accordingly,” CEO Sergio Marchionne said in a press release.

Fifth Third Bancorp

The financial services company said on December 20, 2017 that it would raise its minimum wage to $15 an hour for all employees. The firm also said it would give a one-time $1,000 bonus to more than 13,500 employees.

CEO Greg Carmichael credited tax reform[9] legislation for the move.

“The tax cut allowed the Bank the opportunity to reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce,” Fifth Third said in a press release.

JetBlue

JetBlue (JBLU[10]) said on January 4 that it would give $1,000[11] to all 21,000 of its crew members due to tax reform.

“We believe these tax changes will be positive for our company, and provide us the opportunity to do good things for our Crewmembers, Customers and shareholders … We believe our Crewmembers should be the first to benefit,” the company said in a letter to employees.

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