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The end of the world...and I feel fine

Michael Joyce - January 3, 2018

After Senator Joe Donnelly and his fellow Democrats derided the Tax Cuts and Jobs Act, with Nancy Pelosi going as far as to call it “Armageddon” and “the end of the world,” their predictions couldn’t have been further from reality. Since the passage of the tax bill, major U.S. companies have announced bonuses for hundreds of thousands of employees, an increase in minimum wages to $15/hour, and billions of dollars in new investments into our economy.

Does Senator Donnelly really still believe his partisan vote against job creation, bonuses, and economic growth was the right thing for Hoosiers?

For more on the major business announcements benefitting the middle class that followed the tax bill’s passage, see below for the latest from RNC Research.

Research

Nancy Pelosi's Armageddon Is Here, And It Brought Bonuses

Companies Are Promising Bonuses, Investment, And Pay Raises In The Wake Of The Tax Cuts And Jobs Act

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TOP TAKEAWAYS

  • Rep. Nancy Pelosi (D-CA) equated the passage of the GOP tax bill with "the end of the world," and economic "Armageddon."
  • But, contrary to her doomsday predictions, a multitude of companies promised their employees bonuses after the Tax Cuts and Jobs Act passed.
    • Both American Airlines and Southwest Airlines announced they will distribute $1,000 bonuses to employees as a result of the Tax Cuts and Jobs Act.
    • AT&T will pay $1,000 bonuses to over 200,000 "union-represented, non-management" workers, and will invest an additional $1 billion into the United States in 2018 alone.
    • Bank of America will give about 145,000 employees $1,000 bonuses, citing the passage of the Tax Cuts and Jobs Act.
  • In response to the Tax Cuts and Jobs Act, companies have promised to pour billions of dollars in increased investment into the U.S. economy.
  • #Fightfor15 has long been a priority for Democrats, and the Tax Cuts and Jobs Act has incentivized at least 3 major companies to raise their minimum wage to $15.

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DEMOCRATIC MINORITY LEADER NANCY PELOSI WARNED OF AN ECONOMIC "ARMAGEDDON"

Nancy Pelosi Resorted To Extreme Rhetoric When Discussing The Tax Cuts And Jobs Act

House Minority Leader Nancy Pelosi (D-CA) Equated The Passage Of The GOP Tax Bill With "The End Of The World," And Economic "Armageddon." "Rep. Nancy Pelosi (D-Calif.) hammered the Republicans' tax-code overhaul Monday evening as a culture-shaking economic 'armageddon' that would haunt the working class for years to come. Flanked by other top Democrats in the Capitol, the minority leader blasted Republicans for championing a tax proposal she equated to 'the end of the world.'" (Mike Lillis, "Pelosi Denounces GOP Tax Reform As 'Armageddon.'" The Hill, 12/4/17)

Leader Nancy Pelosi Stated That The House GOP Tax Relief Bill "Pillaged The Middle-Class." REP. PELOSI: "Republicans have brought forth a bill that is pillaging the middle-class to pad the pockets of the wealthiest and hand tax breaks to corporations shipping jobs out of America and drastically increasing the national debt…" (Rep. Nancy Pelosi, Remarks On The House Floor , Washington DC, 11/16/17)

Click To Watch (30:33- 30:46)

PUT AWAY THE CANNED BEANS BECAUSE DESPITE PELOSI'S EXTREMIST RHETORIC HER DOOMSDAY PREDICTIONS HAVE NOT QUITE PANNED OUT

Companies Have Been Passing Their Tax Savings On To Employees In The Form Of Bonuses

As A Result Of The Tax Cuts And Jobs Act, AT&T Will Pay $1,000 Bonuses To Over 200,000 "'Union-Represented, Non-Management" Workers, And Will Invest An Additional $1 Billion Into The United States In 2018 Alone. "AT&T, the No. 2 U.S. wireless carrier, said it will pay $1,000 bonuses to more than 200,000 employees and invest an additional $1 billion in the United States in 2018, once the tax reform bill is signed into law. An AT&T spokesman said the bonuses were unrelated to the $1,000 that 20,000 AT&T Mobility employees will receive as part of an agreement with the Communications Workers of America announced last week. Employees eligible for the bonus are all 'union-represented, non-management and front-line managers,' AT&T said in a statement." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform," Reuters, 12/20/17)

After The Tax Cuts And Jobs Act Passed, Comcast Announced It Would Give $1,000 Bonuses To Over 100,000 Employees And Invest $50 Billion Into Its U.S. Infrastructure In The Next 5 Years. "Cable provider Comcast Corp also said it would give $1,000 bonuses to more than 100,000 employees and invest $50 billion over the next five years in its infrastructure." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform," Reuters, 12/20/17)

Fifth Third Bank Announced That It Will Pay More Than 200,000 Employees $1,000 Bonuses . "Fifth Third is yet another company to announce a bonus for employees because of the tax plan. AT&T said earlier Wednesday that it would pay more than 200,000 U.S. employees $1,000 each and increase its capital spending budget by $1 billion." (Liz Moyer, "Wells Fargo, Fifth Third Bancorp Unveil Minimum Wage Hikes After Tax Bill Passage," CNBC , 12/20/17)

Bank Of America Will Give About 145,000 Employees $1,000 Bonuses, CEO Brian Moynihan Cited The Tax Cuts And Jobs Act As The Reason For The Companies Generosity . "Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law. 'Beginning in 2018, we will see benefits from the tax reform ... in the form of lower corporate tax rates,' CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus." (Fred Imbert, "Bank Of America Is Giving Some Employees A $1,000 Bonus, Citing Tax Bill," CNBC , 12/22/17)

In Response To The Tax Cuts And Jobs Act, Southwest Airlines Will Give All Full- And Part-Time Southwest Employees A $1,000 Bonus. "Southwest Airlines announced Tuesday the company's plans to celebrate the new tax reform law President Trump signed right before Christmas. The Southwest Board of Directors authorized a bonus to all Southwest Airlines employees to celebrate the recent passage of the tax reform legislation. All full-time and part-time Southwest employees with Southwest on Dec. 31, 2017, will receive a $1,000 cash bonus on Jan. 8, 2018." ("Southwest Airlines Announces Bonuses, New Investment," CBS , 1/2/18)

American Airlines Announced It Would Distribute A $1,000 Bonus To Every Team Member Excluding Officers As A Result Of The Tax Cuts And Jobs Act Passing. "In a letter to team members, CEO Doug Parker and President Robert Isom are pleased to announce that in light of the new tax structure and in recognition of our outstanding team members, American will distribute $1,000 to each team member (excluding Officers) at our mainline and wholly owned regional carriers." ("American Airlines to Distribute $1,000 to Each Team Member," American Airlines Press Release, 1/2/18)

Sinclair Broadcasting, The Nation's Largest TV Broadcaster, Has Promised $1,000 Bonuses To Almost 9,000 Full- And Part-Time Employees, Excluding Senior Executives, After The Tax Cuts And Jobs Act Passed. "Add Sinclair, the nation's largest TV broadcaster, to the companies promising a $1,000 bonus to employees with the successful passage of the tax reform bill. The Hunt Valley, Md.-headquartered Sinclair Broadcast Group, which has 173 TV stations and reaches more than 38% of the U.S., said Friday that it will pay a special $1,000 bonus to its nearly 9,000 full-time and part-time employees, excluding senior level executives." (Mike Snider, "Sinclair Joins Companies Promising Tax Reform Bill Bonuses To Employees," USA Today, 12/22/17)

PNC Financial Services Said It Will Give $1,000 Bonuses To 90 Percent Of Their Employees Below A Certain Pay Grade, And Make A $200 Million Contribution To The PNC Foundation, Which Supports Early Childhood Education. "PNC Financial Services PNC, +0.47% became the latest company to say it will pay special bonuses to the bulk of its employees, among other workforce investments, after the tax bill was signed into law Friday. The financial services company said it will provide a $1,000 cash payment in the first quarter of 2018 to about 47,500 employees, or the about 90% of its workforce who are below a certain compensation band. In addition, PNC said it would raise its minimum wage to $15 an hour by the end of 2018, provide an additional $1,500 for employees in the defined benefit pension plan and make a $200 million contribution to the PNC Foundation, which supports early childhood education." (Tomi Kilgore, "PNC To Pay $1,000 Bonuses, Raise Minimum Wage After Tax Bill Signed," Market Watch , 12/22/17)

Melaleuca Will Give Employees A $100 Bonus For Each Year That An Employee Has Been At The Company, Because As A Result Of The Tax Cuts And Jobs Act, They Will "Have More Money" And "Can Afford To Give Our Employees More." "Melaleuca employees will receive bonuses of $100 for every year of service to the company, meaning that five-year employees receive $500, 10-year employees receive $1,000 and 20-year employees receive $2,000. Melaleuca has approximately 2,000 U.S. employees. 'We're going to have more money in our pocket, and that means we can afford to give our employees more,' VanderSloot said. 'I'm challenging all other companies in Idaho to do the same. We're asking other businesses to step up because everyone is going to see more money in their paycheck. We wouldn't have our companies without our employees. They mean everything to us!'" ("Melaleuca CEO Gives Tax Cut Bonuses To Employees," Idaho State Journal, 12/21/17)

After The Passage Of The Tax Cuts And Jobs Act, Nelnet Announced It Plans To Give Almost All Of Its Employees A $1,000 Bonus. "At least two Lincoln companies are planning to use their expected windfall from tax cuts to pay bonuses to employees. Nelnet said Thursday that it will give nearly all of its 4,100 employees - about 2,500 of whom work in Lincoln - a $1,000 bonus in their Dec. 29 paycheck." (Matt Olberding, "Nelnet, Pinnacle Bank Announce Plans For Tax-Related Employee Bonuses," Lincoln Journal Star, 12/22/17)

  • All Employees Except Senior Managers Will Receive A Bonus . "All Nelnet employees (except for senior managers) who have been with the company for at least six months will receive the $1,000 bonus. Those employed less than six months will get $500." (Matt Olberding, "Nelnet, Pinnacle Bank Announce Plans For Tax-Related Employee Bonuses,"Lincoln Journal Star, 12/22/17)

Pinnacle Bank Announced 1,007 Employees Will Receive $1,000 Bonuses Because The Company Feels "The Message Should Be Loud And Clear That This Is A Tax Cut That Will Benefit All Americans." Pinnacle Bank said 1,007 employees will receive the $1,000 bonuses. 'We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans,' Pinnacle Bancorp Chairman Sid Dinsdale said in a news release." (Matt Olberding, "Nelnet, Pinnacle Bank Announce Plans For Tax-Related Employee Bonuses,"Lincoln Journal Star, 12/22/17)

The Tax Cuts And Jobs Act Has Already Spurred An Increase In Domestic Investment

Boeing, Reacting To The Tax Cuts And Jobs Act, Announced A $300 Million Investment Including "$100 Million In Employee Training And Education And $100 Million As Part Of Its 'Workforce Of The Future' Initiative." "Boeing said it would invest $300 million in its business including $100 million in employee training and education and $100 million as part of its "workforce of the future" initiative." (Mike Snider, "Sinclair Joins Companies Promising Tax Reform Bill Bonuses To Employees," USA Today, 12/22/17)

As A Result Of The Tax Cuts And Jobs Act, AT&T Will Invest An Additional $1 Billion Into The United States In 2018 Alone. "AT&T, the No. 2 U.S. wireless carrier, said it will pay $1,000 bonuses to more than 200,000 employees and invest an additional $1 billion in the United States in 2018, once the tax reform bill is signed into law. An AT&T spokesman said the bonuses were unrelated to the $1,000 that 20,000 AT&T Mobility employees will receive as part of an agreement with the Communications Workers of America announced last week. Employees eligible for the bonus are all 'union-represented, non-management and front-line managers,' AT&T said in a statement." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform," Reuters, 12/20/17)

After The Tax Cuts And Jobs Act Passed, Comcast Announced It Would Invest $50 Billion Into Its U.S. Infrastructure In The Next 5 Years. "Cable provider Comcast Corp also said it would give $1,000 bonuses to more than 100,000 employees and invest $50 billion over the next five years in its infrastructure." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform,"Reuters, 12/20/17)

#FIGHTFOR15 HAS LONG BEEN A PRIORITY FOR DEMOCRATS, AND THE TAX CUTS AND JOBS ACT HAS INCENTIVIZED BUSINESSES TO RAISE THEIR MINIMUM WAGE TO $15

In Response To The Tax Cuts, Companies Have Raised Their Minimum Wage To $15 Dollars

In Addition To Bonuses, Fifth Third Bancorp, Will Raise Its Minimum Wage To $15. "In addition to its promised bonuses, Cincinnati regional bank Fifth Third Bancorp said it would also raise the minimum wage for its employees to $15." (Mike Snider, "Sinclair Joins Companies Promising Tax Reform Bill Bonuses To Employees," USA Today, 12/22/17)

Wells Fargo Will Increase Its Minimum Hourly Pay To $15 An Hour As A Result Of The Tax Cuts And Jobs Act. "Wells Fargo & Co said the bank will hike minimum hourly pay to $15 an hour in March, up 11 percent from its previous minimum. It will also offer new restricted stock awards to 250,000 employees." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform,"Reuters, 12/20/17)

PNC Financial Services Will Increase Their Minimum Wage To $15 An Hour By The End Of 2018. "PNC Financial Services PNC, +0.47% became the latest company to say it will pay special bonuses to the bulk of its employees, among other workforce investments, after the tax bill was signed into law Friday. The financial services company said it will provide a $1,000 cash payment in the first quarter of 2018 to about 47,500 employees, or the about 90% of its workforce who are below a certain compensation band. In addition, PNC said it would raise its minimum wage to $15 an hour by the end of 2018, provide an additional $1,500 for employees in the defined benefit pension plan and make a $200 million contribution to the PNC Foundation, which supports early childhood education." (Tomi Kilgore, "PNC To Pay $1,000 Bonuses, Raise Minimum Wage After Tax Bill Signed," Market Watch , 12/22/17)


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