More Tax Reform Benefits Coming to Kentucky Families
‘In the wake of last month’s historic tax reform legislation, the news is filled with stories of economic optimism and increasing prosperity for workers and middle-class families. In fact, I am proud to announce that earlier today, I spoke with the leadership of Humana, which employs more than 12,000 people in my home state of Kentucky. Yesterday, they notified their staff they will be accelerating pay incentives for associates and raising minimum hourly wages for both part-time and full-time em
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks on the Senate floor regarding the benefits Americans are seeing across the country thanks to the Tax Cuts and Jobs Act:
“In the wake of last month’s historic tax reform legislation, the news is filled with stories of economic optimism and increasing prosperity for workers and middle-class families. In fact, I am proud to announce that earlier today, I spoke with the leadership of Humana, which employs more than 12,000 people in my home state of Kentucky. Yesterday, they notified their staff they will be accelerating pay incentives for associates and raising minimum hourly wages for both part-time and full-time employees — thanks to tax reform.
“For these Kentucky workers, the Tax Cuts and Jobs Act will mean more money in their paychecks. And just last week, the international automaker Fiat Chrysler announced that it will invest 1 billion new dollars in the Warren Truck Assembly just outside of Detroit. The production line for Ram Heavy Duty Trucks is leaving Mexico and coming back home to America. This will create 2,500 new jobs and inject relief right into the local economy. According to the officials who announced the change, all this is only happening because tax reform is remaking the business climate in this country.
“And besides the revival in manufacturing, Fiat Chrysler announced a new wave of $2,000 bonuses for 60,000 hourly and salaried employees. They will join a growing list of more than 150 companies that have announced plans to distribute significant bonuses, permanent pay raises, more generous retirement contributions, or other benefits to their employees – thanks to tax reform.
“Prior to tax reform, companies that wanted to manufacture goods in America and hire American employees faced the highest statutory corporate tax rate in the developed world. American workers were ready to clock in. But our outdated, burdensome tax code told potential investors to move along and find somewhere else to set up shop. But those days are over, thanks to the president and the Republican majorities in the House and the Senate that voted to modernize our tax code.
“Now we’re the ones with a competitive advantage. The Wall Street Journal’s editorial board believes that our tax reform will benefit investment in the United States, quote, ‘at the expense of high-tax countries such as Germany.’ The Journal also reports that China, quote, ‘fears the tax changes could make the U.S. a more attractive place to do business.’ It is becoming clear that those fears are justified. And that is good news for families and workers in Kentucky and all across America.”
Related Issues: Middle Class, Tax Reform, Taxes, Economy, Jobs
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