Washington Federal, Inc. today announced it will accelerate investments in its employees, client service capabilities and community development funding, with the expected signing of tax reform legislation.
National Federation of Independent Business (NFIB) President and CEO Juanita Duggan also agrees with the new law’s passage, on behalf of her group’s small business members.
“The Tax Cuts and Jobs Act slashes taxes for millions of small businesses so they can reinvest their money, grow, and create jobs,” she says in a statement today.
Washington’s largest bank joins scores of other big corporations making similar pronouncements today, following House of Representatives’ final passage of 2018 Tax Cuts and Jobs Act, which Republicans in Congress and the White House have been promoting for most of the year.
Effective when the bill becomes law, all Washington Federal employees in good standing and earning less than $100,000 per year will receive a 5 percent increase on top of their normal merit increase.
In addition, a substantial investment will be made in the training and development of all employees, enabling them to upgrade their skills to more effectively compete in today’s changing business environment. Additionally, Washington Federal will accelerate a planned investment in technology infrastructure to improve the client experience and create efficiencies.
Finally, the bank will contribute an additional $5 million dollars over the next five years to the Washington Federal Foundation.
“We have argued for years that our tax system is unfair and heavily biased towards non tax-paying competitors, such as credit unions and governmental entities,” says Washington Federal President & CEO Brent Beardall. “We feel it is our responsibility in this moment to do our part to spur economic growth and strengthen our communities.”