Latta Votes to Send Tax Reform to President’s Desk; Employees to Benefit From Bonuses, Increased Wages
Today, Congressman Bob Latta (R-Bowling Green) voted to send tax reform to President Trump’s desk after the bill passed the U.S. Senate last night. After the passage of the bill, companies around the country began announcing benefits that employees will receive due to the historic tax legislation.
Ohio’s Fifth Third Bank has announced that they will pay more than 13,500 employees a $1,000 bonus and will raise the minimum wage for their workers to $15 dollar per hour. The bonuses will not be provided to senior managers and top executives.
The news comes on the heels of similar announcements by AT&T and Boeing. AT&T said they will be providing $1,000 bonuses to 200,000 employees and are investing an additional $1 billion in the United States in 2018. Boeing will invest $300 million in workplace development, facilities, and charitable giving endeavors — such as employee gift-match programs.
Wells Fargo also announced that they will be increasing their minimum wage to $15 and providing $400 million in philanthropic contributions in 2018.
“The President hasn’t even signed his name, and we’re already seeing what a big win this bill is for American workers,” said Latta. “Despite unprecedented attacks from those supporting the status quo, I voted for this legislation because I knew it would mean more money in the pockets of middle-class Ohioans. Starting in February, taxpayers are going to have a bigger paycheck because of this bill. In addition, we’re already seeing the benefit from from companies that are choosing to grow, expand, and invest in their workforce. With Christmas less than a week away, the announcements by these businesses to pass the savings from tax reform on to their employees and their families is a very welcome gift.”