Rush Enterprises joins U.S. companies splitting tax refund with employees

New Braunfels-based Rush Enterprisees earned $39.1 million, or $1.05 a share, in the latest quarter versus $41.1 million, or $1.03 a share, in the same period last year. It beat by 2 cents the consensus earnings estimate of three analysts polled by Bloomberg in the latest period. Pictured is the company’s corporate office. less New Braunfels-based Rush Enterprisees earned $39.1 million, or $1.05 a share, in the latest quarter versus $41.1 million, or $1.03 a share, in the same period last year. It beat by 2 cents the consensus ... more Photo: Rush Enterprises Photo: Rush Enterprises Image 1 of / 26 Caption Close Rush Enterprises joins U.S. companies splitting tax refund with employees 1 / 26 Back to Gallery

New Braunfels-based Rush Enterprises is planning to give each of its employees a $1,000 bonus after President Donald Trump signs the tax reform bill into law.

The commercial truck dealer said all of its approximately 6,600 U.S. employees will receive the one-time payout — which will cost about $6.6 million.

“You’ve got a choice — we could’ve kept it and stuffed it in the company bank account or coffers, or we can share it with the people,” said Rush Enterprises’ Chief Financial Officer Steven Keller. “We chose to share it with the people because it’s the right thing to do.”

Rush Enterprises President and CEO W.M. “Rusty” Rush said in a statement “we believe tax reform to be beneficial for Rush Enterprises, our communities and overall economic growth.”

The company is among the latest to announce bonuses because of the passage of the tax reform bill, which the Republic-controlled Congress passed Wednesday.

Wells Fargo & Co., Fifth Third Bancorp, Comcast and AT&T Inc. are among corporations that rushed out pledges for pay perks. The legislation will slash top corporate tax rates and taxes on repatriated offshore earnings.

Some of the companies pledging bonuses in response to the tax plan have nodded at how employment conditions are pushing them to pay more.

“In our retail business, in our operations, especially at the lower levels of our employee base, there is organic inflation going on” in wages, Tayfun Tuzun, chief financial officer at Fifth Third, said in a Dec. 7 conference call.

Fifth Third is raising its minimum hourly wage to $15 and expects to distribute a $1,000 payout to more than 13,500 employees. The company said the tax legislation “allowed the bank the opportunity to re-evaluate its compensation structure” and share the benefits.

Only 24 percent of Americans think the plan is a good idea, and almost two-thirds believe it was designed to help the wealthy, according to an NBC News/Wall Street Journal poll released Tuesday.

Rye Druzin is a San Antonio Express-News energy reporter. Read more of his stories here. | rdruzin@express-news.net | @druz_journo