President Trump signed the Tax Cuts and Jobs Acts into law on Dec. 22, 2017, reducing personal income taxes for most families for the next 10 years. Corporations, however, received much bigger and more permanent tax cuts with the new law reducing the corporate tax rate from 35% to 21% and reducing the tax on repatriated cash to 15.5%. The Congressional Budget Office estimates businesses will save about $320 billion in taxes over the next 10 years.
The tax overhaul prompted hundreds of businesses to offer bonuses and pay raises to their workers and expand employee benefits. Here’s a selection of companies that have passed on some of their savings to their employees.
ALSO READ: What Will Retailers Do With Billions in Corporate Tax Savings?
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