More than 100 companies are giving bonues, raises, and other employees while crediting the Republican tax overhaul signed by President Donald Trump in December. Among them is Aquesta Bank of North Carolina, which has decided to give each of its employees a $1,000 cash bonus. In addition, it will raise its minimum wage to $15 per hour.
On Monday, Aquesta CEO Jim Engel told show hosts on "Fox & Friends" that because the tax reform was good for their shareholders and customers, they wanted to make certain it is good for their employees. Speaking Fox News host Steve Doocy, Engel said, "We would not have grown from basically a concept 11 years ago to $400 million today without just great employees. Because of that, when the tax reform act was passed, we wanted to share those benefits with our employees."
Alaska Airlines and Boeing are among the more than 100 companies that have announced employee bonuses since the legislation was signed.
Engels told Doocy that the Republican Tax Cuts and Jobs Act will enable Aquesta to hire more workers. "Aquesta has been growing about 20 percent a year, and at some point you start needing capital," Engel said. "The tax savings that we get from this allow us to expand even further, make more loans, which means hiring more people. We expect to hire a good number of people over the coming year."
While the tax bill cut the corporate tax rate to 21 percent, Engel said that what Aquesta will save in taxes it will be able to issue as loans in the amount of an additional $9 million a year, which will help new businesses.
President Trump has heralded the response from corporate America, tweeting on January 2: "Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!"