Treasury Secretary Steven Mnuchin applauded Walmart Thursday for raising its starting hourly wage to $11 along with giving bonuses to some employees, among additional benefits, after the passage of fresh tax legislation.
Discussing fresh tax withholding tables during a White House briefing, Mnuchin said: “We thought which [tax cuts] could be great for the economy along with we are thrilled with the number of companies reacting accordingly. We have been talking with lots of companies for a long time, along with we are thrilled with how people are responding.”
“Different companies will do different things,” Mnuchin said.
Some will invest capital back into their businesses, some will give money back to workers, along with overall “lots of things are going on inside economy,” he said. “We appreciate what Walmart is actually doing.”
Capital One also revealed Thursday which which could be raising its minimum wage for U.S. employees to $15 an hour. additional companies including JetBlue along with Waste Management have reacted to the fresh tax law, which slashes corporate tax rates to 21 percent, by promising to pay out bonuses. JetBlue said which will give bonuses of $1,000 to crew members, while Waste Management said which will pay out bonuses of $2,000 to its employees.
The question of hiking the federal minimum wage, which has been stuck at $7.25 an hour since 2009, was also asked during Thursday’s White House briefing. A push for $15 an hour by members of the Democratic Party so far hasn’t been successful.
Mnuchin responded which he believes the “most important issue” today is actually for companies to raise their own wages over time. President Donald Trump has flirted with the idea of raising the federal minimum wage to at least $10, nevertheless which hasn’t been a priority of his agenda.
Meanwhile, Mnuchin said he expects about 0 percent of workers to see their paychecks increase with the fresh tax law.
— CNBC’s Chloe Aiello contributed to which story.