Benefits to the 6th District of Illinois: Tax Reform Bill

Middle Income

Wage Growth

  • There are currently 25 banks and financial institutions, as well as one insurance company that have announced they’re raising wages to $15+.
  • A family of four making the median income for IL-06 of $135,485 and taking the standard deduction will see a tax cut of $4,673.
  • The average family in every income bracket in IL-06 will see a tax cut.
  • American Savings Bank: increased minimum wage to $15.15 per hour, up from $12.21
  • Associated Bank: increased minimum wage to $15 per hour, up from $10
  • First Hawaiian Bank: increased minimum wage to $15 per hour
  • Nephron Parmaceuticals: Five percent wage increase for its 640 employees.
  • Nexus: 5 percent wage increase and plans to hire 200 new workers in 2018.
  • Wells Fargo: $15 minimum wage raise, up from $13.50 and increased charitable giving by approximately 40 percent to $400 million.

Bonuses

  • Emkay: all full-time employees will receive a $1,000 bonus
  • Aquesta Financial Holdings: $1,000 bonus to all of its employees
  • AT&T: $1,000 bonus to its 200,000 U.S. workers
  • Bank of America: $1,000 bonus for approximately 145,000 U.S. employees.
  • BB&T Corp.: $1,200 bonus for 27,000 employees
  • Comcast NBCUniversal: $1,000 bonus for more than 100,000 employees.
  • Melaleuca: $100 bonus for every year an employee has worked at the company—an average of $800 for each of its 2,000 workers.
  • Nelnet: $1,000 bonus for nearly all of its 4,100 employees.
  • PNC Bank: $1,000 bonus to 47,500 employees and $1,500 increase to workers’ existing pension accounts.

Reinvestment

  • ComEd’s petition to the Illinois Commerce Commission to lower rates for their customers so that they can pass along $200 million in savings.
  • Warranty Group is a Chicago-based company that was acquired by Assurant; in October they announced the acquisition and also stated they would be moving operations to Bermuda. Because of the passage of H.R. 1, they have decided to remain a U.S. company.
  • Aflac: $250 million boost in U.S. investments and increased 401(k) benefits for workers
  • AT&T: $1 billion boost in U.S. investments.
  • Boeing: $300 million boost in investments to employee gift-match programs, workforce development, and workplace improvements.
  • SunTrust: $50 million increase in community grants, a one percent 401(k) contribution for all employees, and more.
  • Washington Federal, Inc.: increased investments in technology infrastructure and community projects