US Bancorp Rewards Its Minimum-Wage Workers, Thanks to GOP Tax Reform Package

| JAN 2, 2018 | 8:59 PM

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Ahead of the passage of the GOP tax reform package, detractors speculated it would be the end of the world as we know it. In the direct wake of the legislation, various companies showed lawmakers exactly what they thought of it.

Bank of America announced it would give 145,000 employees a $1,000 bonus, Comcast offered $1,000 raises and YAM Worldwide gave out a total of $1.3 billion in bonuses ranging from $1,000 to $2,000.

The most recent company to join the growing list of employers showing its gratitude for the reform is U.S. Bancorp.

“We believe that tax reform is positive for the U.S. economy because it provides an immediate opportunity to benefit employees, communities and customers,” the Star Tribune reported CEO Andy Cecere said in a statement.

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The company will give nearly 60,000 employees a $1,000 bonus, and hourly employees will see their wages increase to a minimum of $15 an hour. A contribution of $150 million will also be given to the U.S. Bank Foundation.

Cecere added:

We are proud of our people and their commitment to our customers and communities. We felt it was important to reward their hard work and dedication with this special bonus, the minimum wage increase and the health care enhancements.

U.S. Bancorp didn't reveal how much the tax cut would help the company, but the Star Tribune noted finance and insurance companies, which previously paid 26.1 percent, will now pay 14.3 percent.

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