More Tax Reform Bonuses Keep Rolling Out

More Money In Your Pocket

HORMEL FOODS CORP.: “Hormel Foods Corp. this morning announced that it plans to use savings from the federal Tax Cuts and Jobs Act to award stock options to its employees and raise starting wages to $13 an hour. Hormel announced the new employee benefits as part of a first-quarter earnings report. … Hormel stated that the Tax Cuts and Jobs Act signed by President Donald Trump in December saved the Fortune 500 company $63 million in the first quarter of the year, and it will inject an estimated $110 to $140 million to cash flow in fiscal 2018. [Hormel President and CEO Jim ] Snee also announced that Hormel will continue to raise its starting wages following the $13 an hour increase. The company plans to bump the starting wage to $14 an hour by the end of fiscal 2020.” (“Hormel To Give Employees Stock Shares, Increase Wages,” Post Bulletin [MN], 2/22/2018)

ATLAS AIR WORLDWIDE: Atlas Air Worldwide President and CEO William J. Flynn: “In addition, our fourth-quarter [2017] and full-year results benefited from the passage of the U.S. Tax Cuts and Jobs Act in late December…. We expect the new tax legislation to have a positive impact on economic activity and corporate growth. On passage of the law, we were pleased to provide a one-time bonus of $1,000 to our global personnel in recognition of their hard work and commitment to the company’s growth.” (Atlas Air Worldwide, Press Release, 2/22/2018)

R+L CARRIERS: “Wilmington [Ohio]-based global transportation company R+L Carriers announced this week it would issue bonuses of up to $1,000 for all its employees, citing the economic benefits from the Tax Cuts and Jobs Act.” (“Wilmington-Based R+L Carriers Employees To Receive Bonuses,” [Wilmington, OH] News Journal, 2/16/2018)

AMERICAN PROTEINS, INC.: “Cumming-based American Proteins, Inc. (API) and subsidiaries are awarding employees bonuses of $1,000, in response to the tax reform package signed into law earlier this year.  ‘President Donald Trump and the Republican Congress have reduced taxes for business and individuals and I’m excited what this means for our company and its employees,’ explained Tommy Bagwell, Chairman of American Proteins, Inc. American Proteins was founded by Leland Bagwell in 1949 and has operated under the guidance of Tommy Bagwell and family in Georgia and Alabama for over 68 years. API is the nation’s largest poultry rendered and employees over 700 workers.” (“American Proteins, Inc. Reacts To Tax Reform To Issue $1000 Bonuses,” The Southern Tribune, 2/8/2018)

SHEELY’S FURNITURE: “Over 140 employees for a local furniture store will feel their wallets get a lot bigger. Sheely’s Furniture and Appliance President and CEO, Dale Sheely Jr. announced the bonuses Tuesday morning. The cause — tax reform, a growing retail footprint, and creating a better working environment for employees. The bonuses will be given throughout the first quarter of 2018. Full-time employees will receive $1,000 in cash and part-time employees will get $500. ... The store is located in North Lima [Ohio].” (“Sheely’s Sees Benefit Of Tax Reform, Offers Cash Bonuses,” WYTV Youngstown, OH, 2/20/2018)

F&M BANK: “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. … 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. Altogether, Hayslett said $1.1 million was given out. ‘The fact that we're a 110-year-old bank, $1.1 million was kind of a way of nodding to say thanks for making us successful for that long as a community bank in this market,’ he said.” (“Valley Bank Credits GOP Tax Cuts For Employee Bonuses,” WHSV, 2/20/2018) 


Related Issues: Tax Reform, Economy, Jobs, Middle Class, Taxes, Small Business