by Sean Moran
June 1, 2018
Costco announced on Thursday it will raise its minimum wage for hourly workers, thanks to President Donald J. Trump’s tax cut legislation.
Starting on June 11, Costco will raise its minimum wages for hourly workers to $14 an hour.
Costco chief financial officer Richard Galanti credited the tax windfall created by Trump’s Tax Cuts and Jobs Act, which lowered the corporate tax rate from 35 to 28 percent.
Galanti said that many companies have “a desire to use some of this (tax windfall) to help employees, to share that wealth if you will, to drive their business.”
Costco pays roughly 90 percent of its employees by the hour, making wage hikes a significant boon for Costco employees.
The American economy continues to grow under President Trump.
Walmart announced in January that it will raise its minimum wage to $11 an hour, distribute $1,000 bonuses, and expand maternal and paternity benefits to workers as a result of the Tax Cuts and Jobs Act.
Chik-fil-A announced in May it will raise its wages to as high as $18 per hour in Sacramento, California, due to a tighter workforce in Trump’s economy.
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