House Minority Leader Nancy Pelosi’s “apocalypse” continued to crash and burn this week, with coffee retail giant Starbucks announcing its plan to dramatically expand employee benefits and wages in the wake of the massive GOP tax cuts.
The global coffee-chain revealed their drastic re-investment on Wednesday, vowing to spend over $250 million on higher wages, expanded employee benefits, increased stock options, as well as creating thousands of new jobs across the country.
According to CNBC, the company directly credits the recent overhaul of the US tax code as the main factor behind their decision, saying, “Investing in our partners has long been our strategy, and due to the recent changes in U.S. tax law, we are able to accelerate some significant partner investments.”
“Just as we have always felt strongly that our partners are key to our business success, we have also known offering a valuable, comprehensive benefits package helps us retain our valuable partners,” said Starbucks CEO Kevin Johnson. “The value of Starbucks benefit package [fully accessed] is unmatched by other retailers and provides thousands of dollars above the value of other companies compensation offerings.”
Starbucks is the latest American-based corporation to announce major reinvestments and expansion in the US economy following the recently passed GOP tax cuts. In recent weeks, Walmart, Visa, American Airlines, Disney, and others have vowed to raise wages and pay out big bonuses across the country.