One Month After Taking Effect, Latta Highlights Success of the Tax Cuts and Jobs Act
Congressman Bob Latta (R-Bowling Green) is highlighting the profound impact that tax relief from the Tax Cuts and Jobs Act is having on the American economy despite only being in effect for one full month. More than 300 companies have now announced bonuses, higher wages for employees, and increased investment due to the legislation that Latta voted for in December. Three million workers and counting are seeing bonuses or wage increases because of the Tax Cuts and Jobs Act.
Just yesterday, UPS announced a $12 billion investment as a result of the legislation. They will expand the company’s Smart Logistics Network, increase pension funding, and ordered 18 new Boeing aircraft.
“It’s been 32 days since the Tax Cuts and Jobs Act became the law of the land, and three million Americans have already been recipients of bonuses, wage increases and expanded benefits,” said Latta. “That feeling will spread this month as Ohio families start to keep more of their hard-earned money thanks to this middle-class tax cut. I encourage employees around Northwest and West Central Ohio to ‘check the check’ this February as you receive tax relief in your upcoming paycheck.”
Some highlights from the 300 companies that are providing increased wages and bonuses to more than 3 million workers.
Ohio-based Nationwide Insurance - $1,000 bonuses to 29,000 employees; increased 401(k) matching contributions for 33,000 employees
Ohio-based Fifth Third Bancorp - $1,000 bonuses for more than 13,500 workers, minimum wage raised to $15 per hour
Fiat-Chrysler - $2,000 bonuses for workers, moving Ram pickup production from Mexico and investing more than $1 billion in Warren, Michigan plant, adding 2,500 jobs
Apple - $2,500 employee bonuses in the form of restricted stock units, $30 billion in additional capital expenditures over five years, 20,000 new employees will be hired, $250 billion brought back from overseas, $38 billion paid in repatriated taxes, $350 billion contribution to the U.S. economy over the next five years
AT&T - $1,000 bonuses to 200,000 employees, $1 billion increase in investment
JPMorgan Chase & Co. - Base wage raised for 22,000 employees, 4,000 new jobs added, 400 new branches, increased charitable donations, increased small business lending
Starbucks Coffee Company - 8,000 new retail jobs and 500 new manufacturing jobs, new employee offerings, raises, benefits totaling $250 million to be announced in 2018
Bank of America - $1,000 bonuses to 145,000 U.S. employees
U.S. Bank - $1,000 bonuses to roughly 60,000 employees and raise minimum wage for hourly workers to $15 per hour, $150 million added to the U.S. Bank Foundation, upgraded health care packages for employees
Verizon - 50 shares of restricted stock for nearly all employees (more than $2500)
Walt Disney Co. - $1,000 cash bonuses for 125,000 employees, $50 million invested in an education program to cover tuition payments for hourly employees
Wal-Mart – Minimum wage increased by two dollars per hour, $1,000 bonus payments to a number of workers, extended maternity and paternal benefits
Americans for Tax Reform has compiled an ongoing list of companies that have made announcements related to tax reform. That list can be found here.
The Tax Cuts and Jobs Act provides a number of benefits for Ohio families that they will start to see this month. A typical family of four in Ohio’s 5th Congressional District will receive $2,415 in tax relief this year, and those savings will start appearing in February paychecks.
Ohioans will benefit from lower rates, a standard deduction that is nearly doubled, and a child tax credit that is now $2,000 per child, instead of $1,000.