A bank with a number of locations in Michiana is pledging to give its employees raises, thanks to the tax reform bill passed by Congress.
The company specifically cites Republicans’ new tax bill, which reduced corporate tax rates by 14%, as the reason. The minimum pay rate for employees will jump to $15 per hour, and more than 13,000 employees will also be getting a one-time $1,000 bonus. 75% of the bank’s employees will benefit from at least one of those measures.
Corporations get a permanent tax cut from the bill, which also doubles the standard deduction used by most Americans. Tax cuts for individuals, however, expire in 8 years.