Starbucks announced new raises and benefits for its employees on Wednesday, citing the corporate tax cuts in the new Republican-backed tax plan.

In addition to the raises, employees at the company's coffee shop locations will receive a minimum stock grant of $500, while store managers can expect to get $2,000 stock grants.

Starbucks will also provide employees with the opportunity to get accrued time off to take care of loved ones and themselves when they are sick, in addition to giving greater paternity leave to coffee shop workers.

"Investing in our partners has long been our strategy, and due to the recent changes in U.S. tax law, we are able to accelerate some significant partner investments," the Seattle-based company's chief executive, Kevin Johnson, said in a letter to employees, according to Reuters.

Starbucks refers to its workers as "partners."

The company said it would give employees who have already gotten a pay raise in January an additional raise in April.

The tax plan, which Trump signed into law last month, cuts the top corporate tax rate from 35 percent to 21 percent.

Republicans have seized upon the announcement, saying it is a sign the recently passed tax plan is working.

Speaker Paul Ryan's (R-Wis.) office sent out a CNBC article reporting the news, while the National Republican Senatorial Committee (NRSC) called the news a sign of the tax cuts' success.

"Starbucks is only the latest example of businesses, both large and small, giving back to hardworking Americans. When the economy wins so do taxpayers, and it's too bad red state Democrats didn't support these massively successful tax cuts," NRSC spokeswoman Caitlin Gallagher said in a statement.

Disney and JPMorgan Chase also announced raises and bonuses for their employees on Tuesday.

Trump touted the news in an early morning tweet on Wednesday.

Starbucks joins Walmart, Apple and American Airlines as companies that have recently announced higher wages, raises and better benefits for their employees due to the tax bill.