The U.S. tax reform pushed by the Trump Administration has prompted many corporations to announce bonuses and wage hikes for their employees. Starbucks is one of the latest to boost its compensation and benefits package in light of the recent changes in U.S. tax law. Ron Crawford, VP of Benefits at Starbucks, was with us to discuss the company's investment in benefits.
Starbucks said the U.S. tax reform accelerated its latest investment in paid leave and wages. Had there not been tax reform, Crawford said Starbucks still would have made investments in compensation, but the timing and the extent of it may have been different. The offerings will total more than $250 million for more than 150,000 workers.
Digital apps and emerging technologies are driving more coffee runs to Starbucks, says Crawford. He believes digitization has brought more customers to its stores and boosted interactions between customers and employees. Starbucks is pumping in $7 billion of capital to build and renovate stores, manufacturing plants and technology platforms in the U.S. over the next five years.
According to an EU tax watchdog, a 2021 agreement aimed at weakening tax havens and getting multinational corporations to pay minimum tax has been weakened by loopholes.
JetBlue officials say a plane rocked back with its nose pointed skyward after landing at New York's John F. Kennedy International Airport because of a shift in weight on the aircraft.
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