Editor’s note: WND is chronicling the response by U.S. businesses to the biggest rewrite of the federal tax code since the 1980s Reagan administration and a tax cut of as much as $3.2 trillion in the form of this BIG LIST OF TAX-CUT PAYOFFS. It will be regularly updated as more companies respond.
WASHINGTON – Before the ink was even dry on President Trump’s signature on the Republican tax-cut bill, corporate America was not only toasting it, praising it and celebrating it, but handing out money to employees like Santa Claus.
It started with AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece.
Next came Boeing announcing a gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
Wells Fargo and Fifth Third Bancorp announced they would raise their minimum wage to $15 in the New Year, with Fifth Third kicking in an additional bonus of $1,000 to 13,000 employees.
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Comcast NBC Universal anted up $1,000 bonuses to more than 100,000 non-executive employees, announcing the move was not only tied, like all the others, to the tax cut but to the Federal Communications Commission’s elimination of government regulation of the Internet. Comcast NBC Universal Chairman and Chief Executive Officer Brian L. Roberts added the company plans to spend more than $50 billion in the next five years on infrastructure investments that he expects will create “thousands of new direct and indirect jobs.”
In fact, before the bill was even passed, Kroger Chief Executive Officer W. Rodney McMullen offered that the legislation would influence his company “to continue to invest in our business, which will grow jobs.”
You might remember, former House Speaker Nancy Pelosi called the bill “Armageddon.”
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Here’s the growing BIG LIST of companies reacting to the tax cuts with bonuses, more pay and expansion leading directly to new jobs:
U.S. Bank of America employees making up to $150,000 per year in total compensation – about 145,000 teammates – will receive a one-time bonus of $1,000 by year-end.
PNC Financial Services will give $1,000 bonus to about 47,500 workers.
New Braunfels-based Rush Enterprises of Texas is giving each of its 6,600 employees a $1,000 bonus – a total of $6.6 million. Chief Financial Officer Steven Keller said: “You’ve got a choice – we could’ve kept it and stuffed it in the company bank account or coffers, or we can share it with the people.”
Associated Bank in Wisconsin boosted its minimum hourly wage to $15 and paying workers a $500 bonus.
Idaho health-care and home-products company Melaleuca Inc. is providing its 2,000 employees $100 bonuses for every year they worked for the company. The company has 147 employees who have worked for the company for 20 years or more.
In Hawaii, Royal Hawaiian Heritage Jewelry plans to open up three more shops – in Honolulu, in Kauai and Maui in addition to its existing three shops.
Washington Federal in Seattle will increase wages for most of its workers by 5 percent and is adding 25 people to its information-technology staff.
Aquesta Financial Holdings in Cornelius, N.C., will raise hourly pay to $15 and will be giving $1,000 bonuses to all of it workers.
Canary LLC announced it will hire new employees and purchase more equipment.
AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece.
Boeing gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
Wells Fargo raises minimum wage to $15.
Fifth Third raises minimum wage to $15 and offering bonuses of $1,000 to 13,000 employees.
Comcast NBC Universal anted up $1,000 bonuses to more than 100,000 non-executive employees.
Soros Newest Investor Of Tesla Bonds
Tesla looks to have a new bond holder and it’s none other than George Soros. Whatever this mean, Soros has also taken a stake in Crypto-Currencies .
Zerohedge Reports: Amid Elon Musk’s darkest hour in late March – as his stocks and bonds tumbled in price – it seems there was at least one other billionaire willing to buy the ‘blood on the street’.
According to the latest 13Fs, George Soros’ investment firm took a $35 million stake in Tesla’s convertible bonds during the first three months of the year.
As a reminder, convertibles are hybrid securities, either bonds or preferred stock, that can be exchanged for a predetermined number of common shares. That effectively lets an investor participate in stock-price changes, but with the yield and greater security of a fixed-income instrument.
The March 2019 Converts bounced handsomely off those lows – tracking the stock’s divergent bounce – but in recent days has fallen back towards the lows, catching down to the straight bonds record low price.
“Racial Bias Education Day” To Close Down Starbucks Nationwide
Starbucks is going to the illogical extreme by taking an entire day to put their employees through what they call “Racial Bias Education Day”. Coming after a viral videos showed two men being arrested in a Starbucks in Philadelphia. Starbucks almost instantly gave into calls to do ‘something’ but will this really fix anything in a culture where ‘racism’ is more of a political talking point than an actual substantive conversation or debate.
CNBC Reports: Starbucks said Tuesday it will be closing all of its company-owned restaurants in the U.S. during the afternoon of May 29 to conduct a racial-bias education program.
“I’ve spent the last few days in Philadelphia with my leadership team listening to the community, learning what we did wrong and the steps we need to take to fix it,” Kevin Johnson, CEO of Starbucks, said in a statement Tuesday. “While this is not limited to Starbucks, we’re committed to being a part of the solution. Closing our stores for racial bias training is just one step in a journey that requires dedication from every level of our company and partnerships in our local communities.”
Soros Now Investing In Crypto-Currencies
After a historic drop in cryptocurrency prices in the first quarter, one which deflated much of the euphoria that surrounded the sector in late 2017 and the start of this year, the space is about to get exciting again because none other than 87-year-old billionaire George Soros is reportedly preparing to trade cryptocurrencies as prices plunge.
According to Bloomberg, Adam Fisher -who oversees macro investing at New York-based Soros Fund Management – has received internal approval to trade virtual coins in the last few months, “though he has yet to make a wager.”
The question, of course, is whether Bloomberg’s leak is accurate, and if indeed Soros is only now getting started in the space or if he has quietly loaded up already.
What is ironic, is that just three months ago when speaking at the World Economic Forum in Davos, Soros said digital coins cannot function as actual currencies because of their volatility, “but he didn’t predict the hard tumble that some observers had forecast at the time.”
“As long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad,” Soros, 87, said on Jan. 25.
With Bitcoin tumbling below $7000 recently…