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.

Most Popular


Courage: The Greatest of Virtues

EDITOR’S NOTE: The following is Jonah Goldberg’s weekly “news”letter, the G-File. Subscribe here to get the G-File delivered to your inbox on Fridays. Dear Reader (Or Listener), As the reporter assigned the job of writing the article about all of Sidney Blumenthal’s friends and supporters told his ... Read More

My American Dream

This morning, at 8 a.m., I did something I’ve wanted to do for as long as I can remember: I became an American. I first applied for a visa in early 2011, and since then I have slowly worked my way through the system — first as a visa-holder, then as a permanent resident (green card), and, finally, as a ... Read More

The Gun-Control Debate Could Break America

Last night, the nation witnessed what looked a lot like an extended version of the famous “two minutes hate” from George Orwell’s novel 1984. During a CNN town hall on gun control, a furious crowd of Americans jeered at two conservatives, Marco Rubio and Dana Loesch, who stood in defense of the Second ... Read More