Hillary Clinton’s largest campaign donor has joined the long list of company owners handing out bonuses to employees thanks to the tax reform passed by the Trump administration.
Media moguls Haim and Cheyl Saban announced Friday that they will be giving $1,000 bonuses to their employees because of the new tax bill.
The Sabans donated over $2 million dollars to Clinton’s campaign, according to a 2015 article by The Washington Post. Now, the pair has joined other companies who are promising a bonus of some type thanks to the new law passed by Clinton’s adversary, President Donald Trump.
In a letter to their employees at Saban Captial Group, published by the Hollywood Reporter, they wrote that they were “inspired by what Bob Iger has done for Disney employees.”
“As a global investment firm, we recognize that our most important assets are every one of you – at Saban Capital, Real Estate, Films, Brands, Foundation and the Family Office.”
The letter concludes, “We recognize and appreciate your hard work and dedication.”
The Sabans estimate that the bonuses “will amount to $1,000 after taxes,” according to the Hollywood Reporter.
As the Washington Examiner reported at the end of January, the number of firms offering an incentive tied to their lower tax bill has reached at least 250 in the weeks since President Donald Trump signed the bill into law late last year.
Disney made a sizable and multifaceted investment in its employees in response to the new tax rate, according to Fortune.
Along with giving more than 125,000 individuals a $1,000 bonus, the entertainment giant is also putting $50 million into a program designed to help workers pay for college tuition. About 88,000 employees will reportedly be eligible for college tuition help from the program Disney has pledged to fund annually.
According to the Chicago Tribune, Starbucks, the world’s largest coffee chain, will offer its employees expanded parental and sick leave in addition to a one-time stock grant and an hourly wage hike.
About 90 percent of Home Depot’s more than 400,000 employees are expected to receive a $1,000 bonus the company recently promised each of its nonsalaried workers.
In a statement announcing the bonuses, CEO and President Craig Menear joined other business leaders in crediting the lower tax rate.
“We are pleased to be able to provide this additional reward to our associates for continuing to deliver outstanding customer service,” he said. “This incremental investment in our associates was made possible by the new tax reform bill.”
The conservative advocacy group Americans for Tax Reform has been keeping track of announcements by firms offering employees an incentive tied to the tax reform bill.
Some executives at smaller companies thanked Trump directly for the new tax bill, while many took the opportunity to recognize their employees with more than just a check.
“Because of the reduction in corporate taxes we, as will all businesses, benefit from this tax cut,” CEO Roger C. Camp wrote to employees of his Houston construction company announcing a $500 bonus. “We believe that YOU are the reason for our success. And now that we will be giving less of our hard earned income to the federal government, we can share some of it with you.”
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