Starbucks Announces Higher Pay, Stock Bonuses Resulting from GOP Tax Cuts

Nick Kangadis | January 24, 2018

Another day, another company adding their name to the plethora of giant corporations sharing the benefits of the GOP tax cuts with their employees. This time, it’s Starbucks taking the initiative of spearheading huge incentives for their workers.

The coffee chain announced that they will be spending “more than $250 million on the increased wages and benefits.”

According to the USA Today:

The coffeeshop chain said it would spend $120 million on wage hikes that will vary in magnitude throughout the country. The company said it already pays more than minimum wage in all of its markets.

The Seattle-based company will also give stock grants to everyone employed at the company's stores, plants and support centers as of Jan. 1. Hourly retail workers will get at least $500 in shares while store managers will get $2,000.

The announcement comes just one day after both Walt Disney Company and Verizon announced that they are also in the giving mood with all the money they’re saving since the corporate tax rate lowered at the beginning of the year from 35 percent to 21 percent.