The historic tax reform plan passed by Congress and signed into law by President Trump have corporations and businesses as well as the average working class citizen across America ecstatic at the savings that are being given.
In fact, they're so exciting to many wealthy elites that they're giving back through philanthropy and investing in America.
The owner of the New England Patriots, Robert Kraft, is so thrilled that he's going to invest millions into North Carolina to build a factory, employing many people.
“He just wanted to let me know he’s going to buy a big plant in the great state of North Carolina,” Trump told reporters.
“They’re going out and they’re going to buy, frankly, factories that are closed, abandoned and now not going to be abandoned any longer,” Trump said. “This is having a bigger impact; faster than I thought.”
Multiple corporations are also giving their employees either raises or bonuses.
The bill, which was signed into law by President Trump on Friday, slices the corporate tax rate from 35% to 21%.
Billionaire GoDaddy founder Bob Parsons says he's giving out $1.3 million worth of bonuses to his staff on Friday, thanks to the new Republican tax reform law.
"The passage of the tax credit is a catalyst for explosive economic growth. On a massive scale, the lowered federal tax burden on businesses will increase investment, entrepreneurship and corporate philanthropy," Parsons said in a press release. "I've always believed in sharing good news and have decided to celebrate the tax plan by giving back to my staff."
The firm employs 725 people, and the 594 who have been with the company longer than six months will each receive a $2,000 bonus, according to the press release. All other staffers will get $1,000. The bonuses total $1.3 million.
Bank of America CEO Brian Moynihan said this week that the company will pay $1,000 bonuses to more than half its workforce, the latest company to announce payments after the passage of the federal tax overhaul.
The bonuses at the Charlotte-based bank will go to roughly 145,000 U.S.-based employees “in the spirit of shared success,” Moynihan said in an internal memo obtained by the Observer. Workers with total compensation up to $150,000 are eligible.
Wells Fargo, another major Charlotte employer, said this week that it is raising its minimum wage 11 percent, to $15 an hour. PNC, which has a Charlotte office, also said Friday that it is giving $1,000 bonuses to 90 percent of its employees and raising minimum pay to $15 an hour, while Cornelius-based Aquesta Financial Holdings announced the same for all employees.
Officials with Fifth Third Bank, based in Cincinnati, announced plans Wednesday to increase the bank's minimum hourly wages and provide one-time bonuses for 13,500 employees.
The company plans to raise its minimum hourly wage to $15 and distribute a $1,000 bonus to 13,500 employees.
AT&T said it would give $1,000 bonuses to more than 200,000 employees in the U.S. once the tax bill is signed into law and promised to invest an additional $1 billion in the U.S. in 2018. CEO Randall Stephenson praised the tax legislation as “a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world.”
Boeing announced that it would spend $300 million on “employee-related and charitable investments” because of the tax plan. “The reforms enable us to better compete on the world stage and give us a stronger foundation for the investment in innovation, facilities and skills that will support our long-term growth,” CEO Dennis Muilenburg said in a statement.
So much for the Democrats claims of not helping the common man. Winning.
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