"Employees of F&M Bank were surprised on Tuesday to learn they would receive a bonus, which the institution attributes to additional earnings expected as a result of the GOP tax plan.""'This is an opportunity we haven't seen during my career, as far as cuts in corporate tax rates,' said Executive Vice President Neil Hayslett. 'Rather than just banking all that, so to speak, we wanted to share it with the employees.'""The GOP tax plan cut the corporate tax rate from 35 percent to 21 percent. Those who work more than 30 hours a week were given a one-time bonus of $1,100 and those who work less were handed $750.""The Timberville-based bank also announced a special dividend to shareholders and the formation of a community fund. During a scheduled training session, the company awarded $250,000 to three community foundations."
"First Tennessee Bank has raised the base wage for current employees to $15 per hour…""About 1,200 employees nationwide earning less than $15 per hour will be brought up to $15 with the new pay scale showing up in March paychecks.""The bank figures the raises will increase the overall annual payroll by about $6 million. That works out to $5,000 per employee on average, although a bank official said some workers could get bigger raises if they are far below the $15-level and others could get less if they already are close to $15.""The raises follow efforts by groups across the nation pushing for $15-per-hour minimum wages, particularly for fast-food workers.""First Tennessee has been preparing to raise the minimum levels for weeks, a bank official said, noting the increase was triggered by the December tax cuts enacted by Congress.""As a result of the tax cuts, First Tennessee provided $1,000 bonus payments for 70 percent of its workers and contributed $16.5 million to the First Tennessee Foundation."
Budget and Spending Taxes