President Trump has cheered corporations “showering their workers with bonuses” thanks to the tax overhaul he just signed into law.
Trump tweeted on Tuesday that “companies are giving big bonuses to their workers because of the Tax Cut Bill.” He added, “Really great!”
U.S. Bancorp (USB) and Zions Bancorp (ZBPRA) on Tuesday became the latest big companies to unveil $1,000 special bonuses and pay raises. Regions Financial (RF) announced Tuesday it was raising it minimum wage to $15 per hour.
But despite the political rhetoric, only a small fraction of corporate America has decided to share the tax bonanza directly with workers, at least so far.
According to the White House’s own compilation and more recent announcements, only 16 companies in the S&P 500 have responded to the tax overhaul by raising wages, handing out bonuses or improving employee benefits.