Economy & Business

The Corner

Fifth-Third and Wells Fargo Will Pay $15 Minimum Wage Thanks to Tax-Reform Bill

Update 6:30 p.m.:

Comcast-NBC Universal and Wells Fargo have joined with several other businesses to announce plans to use money saved by the Tax Cuts and Jobs Act for investments and bonuses. Comcast will award $1,000 bonuses to over 100 thousand employees and invest $50 billion over the next five years in infrastructure, due not only to the passage of the GOP tax-reform bill but also the repeal of net neutrality. Wells-Fargo will match Fifth-Third’s $15 minimum wage hike and intends to reach up to $400 million in philanthropic donations. 

4:30 p.m.:

Earlier today, AT&T, Boeing, and Fifth-Third Bancorp announced separate plans to invest in the U.S. and pay workers bonuses with the money saved thanks to the Tax Cuts and Jobs Act. If President Donald Trump signs the bill, which passed both houses of Congress today, it will reduce the corporate tax rate by 14 percent, leading to a significant economic windfall for AT&T, Boeing, and other U.S. businesses.

Fifth-Third will raise its hourly wage to $15 and pay over 13,000 employees a one-time bonus of $1,000 upon Trump’s signature.

AT&T’s plan includes a $1,000 bonus awarded to 200,000 U.S. employees and a $1 billion investment in the United States. President Trump reacted positively to the AT&T news, saying, “That’s pretty good, that’s pretty good,” after reading the plan at a White House event.

According to Boeing CEO Dennis Muilenburg, Boeing will invest $300 million in “employee-related and charitable investment.” Split into three $100 million chunks, the investment will support corporate charitable giving, workforce development, and infrastructure enhancements for Boeing employees.

It’s good early news for the GOP, which faces a tough road ahead selling the bill as a success.

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