Darden Restaurants, the parent company of Olive Garden, LongHorn Steakhouse, and Bahama Breeze, announced on Monday that they will invest $20 million in their workers thanks to the historic Tax Cuts and Jobs Act.
Chief Executive Officer Gene Lee said in a statement:
One of the best investments we can make is in our people. During the remainder of fiscal 2018, we will invest approximately $20 million in initiatives directly benefitting our workforce. This investment will strengthen one of our most important competitive advantages – a results-oriented culture – as we continue to improve on the guest experience, and position Darden and our brands for long-term success.
The Orlando-based restaurant chain said that its increased $20 million in initiatives will benefit over 175,000 workers this year. Darden also revealed that due to the Tax Cuts and Jobs Act, the company will be able to drop its effective tax rate from 25 percent to 18 percent.
Over 100 American companies announced that they will provide their employees up to $2,000 in bonuses. Many companies such as Wells Fargo, Visa, and Comcast also revealed that they will also raise their minimum wage, increase their employer 401(k) match, and invest in America thanks to the Republican tax legislation.
John Kartch, Americans for Tax Reform’s (ATR) vice president of communications, said, “Small businesses from across the country are sending me news of their tax-cut bonuses, wage hikes, and charitable donations. Many of these were only announced internally. There is a broad and deep tsunami building.”
Rep. Lou Barletta, who hopes to challenge Sen. Bob Casey (D-PA) in the 2018 Senate midterms, tweeted on Monday, “Because of #TaxCutsandJobsAct, @darden, parent company of @olivegarden and @LongHornSteaks, plans on spending $20m on their 175k+ employees! Their effective tax rate has dropped from 25% to 18%, allowing them to spend more on workers.”
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