Walgreens is investing $150 million to raise it’s in store wages and build community health initiatives thanks to the GOP’s Tax Cuts and Jobs Act.
“We will be making select incremental investments of around $150 million in fiscal 2019, mainly in store wages, but also to fuel our new community health care initiatives,” said Walgreens CFO James Kehoe. “And you can view these in light of the favorable tax reforms in the US.”
In December, the Republican Congress passed the Tax Cuts and Jobs Act. The bill contained numerous pro-business reforms including full business expensing and cutting the corporate tax rate from 35% to 21%. Not a single Democrat voted for the bill.
Companies across the United States have responded positively to the tax cuts by passing on benefits to employees, customers, and local communities. Walgreens is the latest company to announce that they will be using their tax savings to help their employees and community.
Walgreens employs over 235,000 people with locations in all 50 states and the District of Columbia. Approximately 76% of the US population lives within 5 miles of a Walgreens or Duane Read. Walgreens employees and those in surrounding communities should look forward to the benefits coming their way thanks to President Trump’s tax cuts.