Disney dishes out $125m-worth of bonuses thanks to Donald Trump's tax reforms

Disney have announced that employees are set to receive one off cash bonuses, with $1,000 being awarded to 125,000 members of staff.

The company announced on Tuesday (24 January) that they would also be injecting $50m into a new education program for staff.

The Disney bonuses will be split in half, with $500 being distributed in March and the rest being awarded in September. Company executives have been blocked from the bonuses.

Disney posted a net income of just over $8.9bn in 2017. In 2016, public filings revealed that CEO Bob Iger's salary was $43.9m.

The company attributed both the education program injection and employee bonuses to the recent tax reforms passed by Republicans in late 2017.

Iger said: "We are directing approximately $125m to our cast members and employees across the country and making higher education more accessible with the launch of this new program."

"I have always believed that education is the key to opportunity; it opens doors and creates new possibilities. Matched with the $1,000 cash bonus, these initiatives will have both an immediate and long-term positive impact," Iger said.

The news comes after a recent report from Oxfam that detailed the income inequality of individuals from across the world.

It found that the richest 1% of the global population received 82% of all new wealth generated in 2017 while the poorest 50% saw no increase at all.

Trump recently took to Twitter to commend companies that have awarded staff bonuses as a result of his sweeping tax changes. Boeing, AT&T, Wells Fargo, Walmart, Bank of America and Comcast have all announced a raft of bonuses in recent weeks after the Senate approved the tax reforms on the 19 December.

On hearing the news from Disney as well as other companies, he applauded them on Twitter for their decision.

He said: "Tremendous investment by companies from all over the world being made in America. There has never been anything like it. Now Disney, J.P. Morgan Chase and many others. Massive Regulation Reduction and Tax Cuts are making us a powerhouse again. Long way to go! Jobs, Jobs, Jobs!"

He described it as "great news" when Fiat Chrysler announced a $2,000 bonus for staff.

In December he tweeted: "Our big and very popular Tax Cut and Reform Bill has taken on an unexpected new source of "love" - that is big companies and corporations showering their workers with bonuses. This is a phenomenon that nobody even thought of, and now it is the rage. Merry Christmas!"

Tax bill highlights:

• Tax cut for corporations from 35% to 21%;
• Smaller inheritance tax;
• Expansions to child tax credits; and
• Lower taxes on profits from overseas.