- Home
- slideshows
- miscellaneous
- 15 major companies that are investing their tax savings in employees, jobs, and communities
15 major companies that are investing their tax savings in employees, jobs, and communities
Boeing — Aircraft company based in Chicago, Illinois
FedEx — Courier company based in Memphis, Tennessee
• $385.7 million in tax savings
• 48% to workers, 52% to jobs
FedEx is putting all of its savings toward an investment in workers and jobs, including $200 in increased compensation and a contribution to the $1.5 billion seven-year plan for building out its Indianapolis hub.
JPMorgan Chase — Financial services company based in New York City, New York
• $2.9 billion in savings
• 3% to workers, 88% to products, 3% to communities, 6% to jobs
JPMorgan Chase has an ambitious $20 billion five-year plan that was sparked by the tax cut. This includes increasing wages for 22,000 employees working at Chase branches and hiring 4,000 Americans. And of that $20 billion, $1.75 billion will be invested in philanthropic causes in communities like the South Bronx and Detroit.
Kraft Heinz — Food company based in Chicago, Illinois and Pittsburgh, Pennsylvania
• $463.7 million in tax savings
• 27% to products, 73% to jobs
Kraft Heinz CFO David Knopf said in a statement that his company will be investing heavily in its workforce with its windfall, with "$300 million in strategic investments to build our capabilities, our people skills and our brands" and "more than $800 million in capital expenditures to improve quality, safety and capacity."
Apple — Technology company based in Cupertino, California
• $5.6 billion in tax savings
• 100% to jobs
Apple, as the country's biggest taxpayer, has a $30 billion plan over the next five years that will create an estimated 20,000 American jobs.
Regions Financial — Financial services company based in Birmingham, Alabama
• $174.7 million in tax savings
• 14% to workers, 23% to communities, 57% to jobs, 6% to shareholders
"The investments we are announcing today in our workforce, our communities and our company reflect our commitment to creating shared value and will support sustainable growth that ultimately benefits our customers and shareholders," Regions CEO Grayson Hall said in a statement. This includes raising its minimum wage to $15 an hour and increasing its infrastructure investment by $100 million.
Huntington Ingalls Industries Inc — Shipbuilding company based in Newport News, Virginia
• $71.9 million in tax savings
• 7% to workers, 83% to jobs, 10% to shareholders
Huntington Ingalls Industries CEO Mike Petters told the Sun Herald that it is giving all of its 11,500 workers, with few exceptions, a one-time $500 bonus, and is also spending around $100 million on workforce development at its apprenticeship schools.
Bank of New York Mellon — Financial services company based in New York City, New York
• $309.6 million in tax savings
• 1% to workers, 80% to customers, 19% to shareholders
BNY Mellon told the Wall Street Journal that it will be raising its minimum wage for operations workers to $15 an hour and will be investing the majority of its tax savings into technology upgrades that will enhance the customer experience.
Darden Restaurants — Restaurant company based in Orlando, Florida
• $25.3 million in tax savings
• 79% to workers, 21% to shareholders
Darden, the owner of restaurant chains like Olive Garden and Red Lobster, was the first restaurant company to announce it would be investing the majority of its savings in its workforce.
Chipotle Mexican Grill — Restaurant company based in Denver, Colorado
• $45 million in tax savings
• 13% to workers, 65% to customers, 22% to shareholders
Chipotle is giving its employees one-time bonuses, but will be putting most of its savings toward a $50 million plan to enhance its restaurants in the wake of a string of food contamination scandals. "This initiative is about refreshing things in our restaurants aesthetically to make them more inviting and efficient for guests," spokesperson Chris Arnold told CNN Money.
AMERCO — Holding company based in Reno, Nevada
• $60 million in tax savings
• 10% to workers, 67% to products, 24% to shareholders
AMERCO is the holding company for U-Haul, and U-Haul's chairman Joe Shoen said in a statement that full-time employees would be getting a $1,200 bonus, part-time employees would be getting a $500 bonus, and all employees would be getting a wage increase, as well.
Carter's — Apparel company based in Atlanta, Georgia
• $40 million in tax savings
• 13% to workers, 50% to customers, 38% to shareholders
Carter's is investing in products across its children's clothing lines, and is contributing $20 million to one-time bonuses and retirement plans.
Associated Banc-Corp — Bank holding company based in Green Bay, Wisconsin
• $29.3 million in tax savings
• 44% to workers, 12% to communities, 44% to shareholders
Associated Bank is raising its minimum wage from $10 to $15 an hour and giving a one-time $500 bonus to most employees. It is also contributing $3.5 million in charitable investments in low- to moderate-income communities.
IDEXX Laboratories — Animal healthcare services company based in Westbrook, Maine
• $35.4 million in tax savings
• 38% to workers, 14% to jobs, 50% to shareholders
IDEXX CEO Jonathan Ayers wrote in a statement that the company is taking advantage of its tax savings to raise its 401(k) match and invest in innovation that will create jobs.
Humana — Health insurance company based in Louisville, Kentucky
• $550 million in tax savings
• 25% to workers, 12% to customers, 13% to communities, 50% to shareholders
The Courier-Journal reported that Humana is raising its minimum wage to $15 an hour, and is implementing an incentive-based program that can raise an employee's wage by as much as 4%.
Popular Right Now
Popular Keywords
Advertisement