Tax Reform Continues to Bring Good News For American Workers, Economy
‘The rising tide of economic optimism I have been highlighting on the floor is not showing any signs of subsiding. Yesterday alone, three of the nation’s largest companies announced major new investments in the U.S. economy and workforce. Each said their decisions were made possible by the improved business climate created by the landmark tax code overhaul that Congress passed last year.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans continue to see across the country thanks to tax relief:
“The rising tide of economic optimism I have been highlighting on the floor is not showing any signs of subsiding. Yesterday alone, three of the nation’s largest companies announced major new investments in the U.S. economy and workforce. Each said their decisions were made possible by the improved business climate created by the landmark tax code overhaul that Congress passed last year.
“First, Verizon announced plans to invest a chunk of its tax reform savings right back in its employees. Next month, about 155,000 Verizon workers – excluding senior management – will receive stock bonuses valued around $2,500. Additional savings will also go to expanded philanthropy and infrastructure investments… right here in America.
“Further, the Walt Disney Company announced a new investment of at least $175 million in its U.S. workforce. Over 125,000 employees will receive cash bonuses, and Disney will invest $50 million in an employee education program designed to help hourly employees access higher education and vocational training.
“And JP Morgan Chase announced a $20 billion-dollar, five-year comprehensive investment plan to support economic growth and American workers. That plan includes permanent raises for 22,000 employees, hundreds of new bank branches across the country, thousands of new jobs, expanded philanthropy, and an increase in loans for affordable housing and small business development.
“And just this morning, Starbucks has announced that it is permanently raising pay and conferring new benefits like one-time stock bonuses and expanded paid leave. This major investment in its U.S. workforce will affect more than 150,000 employees.
“The good news about tax reform benefits is rolling in almost faster than I can talk about it. In retrospect, the surprise here is not that this tax relief has boosted the American economy. The real surprise is that those who opposed tax reform didn’t see it coming.”
Related Issues: Economy, Tax Reform, Taxes, Jobs
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