Thousands of Minnesotans Get Bonuses and Pay Hikes Thanks to Tax Cuts [UPDATED]
UPDATE: Two more Minnesota companies have made the Americans for Tax Reform list of companies handing out bonuses to their employees as a result of the federal tax cut. DTN, a Burnsville firm, and St. Paul-based Priority Courier Experts are among 164 companies with two million employees and counting that have already benefited from the tax relief measure, according to ATR.
DTN, an independent provider of information and actionable insights in the areas of agriculture, transportation and energy, and publisher of The Progressive Farmer, gave $1,000 bonuses to nearly 700 employees.
Priority Courier Experts paid a “TRUMP BUMP” [$500] to each of its 80 employees on their January 2nd, 2018 paycheck. We also expanded the “TRUMP BUMP” to pay each employee a $500 bonus on their hire anniversary date in 2018, and our hope for the future is to make the “TRUMP BUMP” Bonus permanent. – Steve Cossack, Founder/CEO, Priority Courier Experts
Big bonuses and pay hikes for hundreds of thousands of employees at dozens of companies as a result of the new tax cuts sparked considerable attention in the national media. At the same time there’s been almost no such coverage by the Twin Cities media, particularly in comparison to the press’ relentless PR for big labor’s $15 minimum wage campaign and the politicians behind it in recent months.
But there’s also immediate gratification for thousands of Minnesota employees flowing out of the biggest tax reform in a generation. Nearly 60,000 employees of Minneapolis-based US Bancorp get a $1,000 bonus. The bank’s minimum wage increases to $15 for all hourly employees. Health care benefits will also be improved. On top of that, the fifth-largest bank will infuse an additional $150 million into the U.S. Bank Foundation, which supports communities across 25 states, including Minnesota.
“We believe that tax reform is positive for the U.S. economy because it provides an immediate opportunity to benefit our employees, our communities and our customers,” said Andy Cecere, President and Chief Executive Officer, U.S. Bancorp. “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.”
Employees and members of the communities served by Wayzata-based TCF banks will also see big-time benefits as a result of tax reform. Most employees will get a $1,000 bonus off the top, according to a press release.
As a result of the Tax Cuts and Jobs Act, TCF will provide approximately $5 million in one-time bonuses to eligible team members—$1,000 to full-time team members and $500 to part-time team members—who earned less than $100,000 in total compensation during 2017, totaling 80 percent of its workforce. Additionally, TCF will donate $5 million to TCF Foundation to increase grants to nonprofit organizations in the communities it serves, including increasing its match of team member contributions to nonprofit organizations from 100 percent to 200 percent in 2018.
Nationally at least one million Americans have received bonuses and pay raises due to the Tax Cuts and Jobs Act. You can see a complete list of companies at the Americans for Tax Reform website.