Starbucks will share some of its tax savings with domestic employees by giving them pay raises, expanded benefits, and stock options, the company announced Wednesday.

"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," Chief Executive Kevin Johnson said in a letter to staff.

The world's largest coffee chain didn't disclose how much its tax bill is supposed to drop under the new U.S. corporate tax cuts, but Credit Suisse analyst Jason West told CNBC that Starbuck's global tax rate could sink to about 24 percent from around 33 percent. That would give the company about $425 million in annual tax savings.

Starbucks said the benefits have a combined net worth of more than $250 million. The company added that it will give shop employees a grant of at least $500, and store managers will get $2,000 grants.  

Starbucks is just one of several large companies sharing their savings from the federal tax reform with employees; Apple, Comcast, Walmart, and American Airlines have all vowed to do the same. What's more, Disney announced Tuesday that it will give about 125,000 employees a $1,000 cash bonus and put $50 million into a fund to help hourly workers with tuition costs.