Remember when Democrats opposed tax reform? This is why. The tax reform is leading companies to raise wages and create more jobs. These realities make it much harder for Democrats to say Trump is ineffective as president. Democrats opposed prosperity for the sake of politics.
The Washington Free Beacon reports:
Costco Raises Its Starting Minimum Wage to $14 an Hour, Credits Tax Cuts
Costco announced Thursday it would raise its starting minimum wage to $14 an hour, an increase of $1 from its current $13 wage for entry-level positions.
Other hourly workers will receive raises between 25 and 50 cents, MarketWatch reports.
The wage hikes will take effect June 11, and company executives credited the 2017 Republican tax cuts for allowing the company to invest in its workforce.
The company announced a quarterly profit Thursday of $750 million, a $50 million increase from the same quarter in 2017.
Costco’s finance chief Richard Galanti estimated the annual cost of the wage increases to be between $110 million and $120 million.
Oregon Live has more:
Costco boosts hourly wages for 130,000 employees
Costco’s hourly employees are the latest U.S. retail workers to get a boost from the Trump tax cuts.
On June 11, Costco will increase the starting wage for its U.S. employees by $1 to as much as $14.50 an hour, while other hourly wage rates will increase 25 to 50 cents an hour.
The raise, to be paid for with part of Costco’s savings from U.S. federal corporate tax cuts that took effect this year, will go to upwards of 130,000 U.S. employees, costing the company about $110 million to $120 million a year before taxes, Costco chief financial officer Richard Galanti said during the company’s fiscal third quarter earnings report Thursday.
That’s all great news for the American people.