Unemployment Reaches Record Lows Thanks to GOP Tax Cuts

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Posted by Samantha Capriotti on Friday, December 6th, 2019, 5:10 PM PERMALINK

The U.S. has reached a 50-year low unemployment rate thanks to the 2017 Tax Cuts and Jobs Act.  Over the past two years, the Trump economy has continually outperformed predictions with no signs of stopping.

Since President Trump’s 2016 election, American businesses have created 7 million jobs – 5.1 million more than predicted by the Congressional Budget Office.  500,000 of these new jobs are within the manufacturing industry, a drastic improvement from the 20,000 manufacturing jobs lost the year before Trump’s election.  In November of 2019 alone, the economy added 266,000 jobs, far surpassing the expected 187,000.

The unemployment rate reached a 50-year low of 3.5 percent this September, accompanied by the highest employment in U.S. history at almost 160 million.  The number of discouraged workers decreased by 128,000 between November of 2018 and 2019.  

When President Trump was elected, only 14 states’ unemployment rates were below 4 percent.  However, 35 states’ unemployment rates fell below this threshold as of September 2019.  24 states either achieved or matched their record-low unemployment rate at some point under the Trump administration.

From 2017 to 2018, employment rose by over 2.4 million, benefitting all demographics. African American employment increased by 504,000, Asian by 384,000, women by 1.1 million, and teenagers by 52,000.  Since TCJA’s passage, unemployment rates for African Americans (5.9 percent in May 2018), Hispanic Americans (4.3 percent in February 2019), and Asian Americans (2.1 percent in June 2019) have all achieved their lowest rates in U.S. history.  Additionally, female unemployment reached its lowest rate in 71 years.

TCJA and the Trump administration have revitalized the economy with record low unemployment, steady job growth, and rising wages, all for the benefit of American workers.

Photo Credit: Flickr


Sanders Senior Adviser: “Yes, We Will Repeal the Trump Tax Scam”

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Posted by Adam Sabes on Friday, December 6th, 2019, 4:54 PM PERMALINK

A senior adviser to Bernie Sanders said in April that if Sanders is elected, he would “repeal the Trump tax scam.”

“I had the privilege of being with Bernie in '10 when he spoke on the Senate floor for 8 hours against extending the Bush tax breaks for the top 1%. When we are in the White House, yes we will repeal the Trump tax scam & create an economy that works for all of us,” Warren Gunnels, a senior adviser to Bernie Sanders tweeted in April. 

The promise by the Sanders campaign to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.

  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.

  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.

  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.  

  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.

  • The USA would have the highest corporate income tax rate in the developed world.

  • Taxes would rise in every state and every congressional district.

  • The Death Tax would ensnare more families and businesses.

  • The AMT would snap back to hit millions of households.

  • Millions of households would see their child tax credit cut in half.

  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.

In Vermont, where Sanders serves as a U.S. Senator, households making the state average income of $57,513, received a tax cut of around $1,472.48 according to a Tax Foundation report.

Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.

See more:

Bloomberg Endorsed a Carbon Tax

Biden to Sanders and Warren: “Let’s Get Realistic” on Trillion Dollar Spending Plans

Booker: I Would Raise the Capital Gains Tax Rate

List of Buttigieg Tax Hike Proposals

2020 Dems: Warren's Medicare for All Will Raise Middle Class Taxes

Fact Check: Mark Zandi Misleads Americans, Claims Warren’s Healthcare Plan Will Not Raise Middle Class Taxes

Warren: Medicare for All Covers Illegal Immigrants

Elizabeth Warren Contradicts Herself on Taxes, Again

Biden: Imagine if I Told Elizabeth Warren ‘You Should Be In a Socialist Primary’

CNN Catches Warren in a Tax Lie

Bernie Sanders: Warren’s Medicare for All Plan Would Have “Very Negative Impact” on Jobs and Wages

Warren Claims Americans Making Less Than One Billion Dollars Will “Not Pay a Penny More” in Taxes Under Her Medicare for All Plan

Warren’s “Medicare for All” Repeals Trump Tax Cuts

Biden: Warren is "Making it Up" on How She'll Pay for Medicare For All

Biden: “It’s Impossible to pay for Medicare for All without middle class tax increases”

Biden Slams Medicare for All: “It’s Totally Unrealistic and Can’t be Done”

Warren: Two Million Lost Jobs from Medicare for All “Part of the Cost Issue”

Video Showing Every Time Elizabeth Warren Has Dodged the Middle Class Tax Question

Out of touch Biden calls Trump’s $2,000 middle class tax cut “negligible”

Biden Calls for 28% Corporate Tax Rate

Biden: “Every Single Solitary Person” Will Pay 40% Capital Gains Tax

Warren Dodges the Middle Class Tax Question Again

Buttigieg Says He Will Raise Corporate Tax Rate to 35%

Watch: CNN Analyst Gets Visibly Irritated as Warren Dodges Tax Hike Question

Andrew Yang to Elizabeth Warren: Wealth Tax Would Have “Massive Implementation Problems”

Biden on Warren Dodging Middle Class Tax Question: “This is Ridiculous. Absolutely Ridiculous.”

Buttigieg Grills Warren for Dodging the Middle Class Tax Question

Biden: I Will Raise the Capital Gains Tax to 39.5%

Elizabeth Warren Can’t Stop Dodging the Middle Class Tax Question

VIDEO: 17 Times Elizabeth Warren Has Dodged the Middle Class Tax Question

VIDEO: Warren Keeps Dodging the Middle Class Tax Question

Biden: “I’m Gonna Double the Capital Gains Rate to 40%”

Tax Hike Bernie Says He’ll Tax All Income Over $29K 

Video: Warren Dodges Middle Class Tax Question Again

Biden Calls for Full Repeal of Trump Tax Cuts

Biden Attacks Warren: "She's Going to Raise People's Taxes”

Video: Media Fed Up with Elizabeth Warren Tax Dodge

Biden: End "Trump's Tax Cut for The Top Tenth of One Percent"

Booker: “My plan would reverse those toxic Trump tax cuts”

Stephen Colbert Calls Out Warren for Dodging Middle Class Tax Question

Video: Warren Dodges MSNBC’s Middle Class Tax Questions

Elizabeth Warren is Still Dodging the Middle Class Tax Question

Video: 2020 Democrats Promise Higher Taxes

Biden Caught Lying about GOP Tax Cuts

Bill De Blasio: “As President, I Would Issue a Robot Tax”

Biden Endorses Carbon Tax

Kamala Harris Calls for Ban on Plastic Straws

Elizabeth Warren's Climate Plan Calls For "Reversing" GOP Tax Cuts

Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate

Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”

Bill de Blasio Calls for Corporate Tax Rate Hike

Amy Klobuchar: Raise the Corporate Tax Rate to 25%

Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August

Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts

Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts

Marianne Williamson Joins Dems Calling for TCJA Repeal

Kamala Admits Her Plan Would End Employer Insurance

“Medicare for All” is a Middle Class Tax Increase, Say Dems

Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever

Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes

Elizabeth Warren "Wealth Tax" was described by the WaPo editorial board as having "a certain authoritarian odor"

Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People

Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA

VIDEO: 2020 Democrats Will Raise Your Taxes

Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts

Julian Castro: “We’re going to have to raise taxes.”

Biden and Harris: Raise the Corporate Tax Rate

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

Photo Credit: Shelly Prevost/Flickr


Trump Economy Adds 266K Jobs In November

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Posted by Tom Hebert on Friday, December 6th, 2019, 11:00 AM PERMALINK

President Donald Trump’s economy added 266,000 jobs in November, defying market projections that businesses would create 185,000 jobs last month. November’s explosive job creation marks 7 million jobs added since Trump was elected. 

In 33 of the past 36 months since Trump was elected, businesses have added more than 100,000 jobs a month. 

Today’s Bureau of Labor Statistics report shows that goods-producing employment (mining and logging, construction, manufacturing) saw an increase of 48,000 jobs in November, and service jobs saw an increase of 206,000. Since Trump was elected, the construction industry has created 713,000 jobs. 

Wages also continue to climb. Over the past year, average hourly earnings for American workers have increased by 3.1 percent. October is the 16th consecutive month that wages have grown above 3 percent –– prior to this streak, wages had not reached 3 percent growth during the previous 10 years. Workers are also experiencing higher wage growth than managers. 

The unemployment rate has decreased to 3.5 percent, marking a 50-year low. November was the 21st consecutive month that the unemployment rate has been at or below 4 percent, the longest streak in almost 50 years. 

The strong November jobs numbers are continued evidence that the Republican Tax Cuts and Jobs Act is continuing to revitalize the economy nearly two years after Trump signed it into law. 

Businesses have responded to the tax cuts by giving employees higher wages and creating new employee benefit programs, while utility companies are passing tax savings onto consumers in the form of lower rates.

Families are also seeing direct tax reduction – a family of four with annual income of $73,000 (median family income) will see a tax cut of more than $2,058, a 58 percent reduction in federal taxes. In net, households are paying an average of 24.9 percent in lower taxes according to a report released by H&R Block based on their clients’ tax returns. 

Just in time for Christmas, tax cuts and deregulation championed by the Trump Administration is continuing to deliver a prosperous economy for all Americans.

Photo Credit: Gage Skidmore


List of Tax Reform Good News

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Posted by John Kartch on Friday, December 6th, 2019, 10:30 AM PERMALINK


Trump Admin Should Repeal FIRPTA To Continue Tax And Regulatory Relief

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Posted by Alex Hendrie on Friday, December 6th, 2019, 9:00 AM PERMALINK

The Trump Administration’s tax reform and regulatory reform has cut back on unneeded red tape and complexity, grown the economy, and promoted innovation and investment. The Trump Administration has further sought to reduce Americans’ tax burdens by discouraging tax hikes and instead promoting private investment in infrastructure like roads and bridges.

The Administration can build on this progress by promoting foreign investment in the U.S. and rolling back the burdensome Foreign Investment in Real Property Act (FIRPTA). In the short term, this means withdrawing Section Two of IRS Notice 2007-55.

When Congress passed FIRPTA in 1980 there were Cold War-era driven concerns that foreign investors could purchase real estate that was culturally or strategically significant to the U.S. Today, these concerns have faded, but this outdated law is still needlessly restricting foreign investment into American real estate and infrastructure. In addition, there are other laws, including last year’s Foreign Investment Risk Review Modernization Act, that safeguard against national security risks of foreign investment in U.S. assets. 

FIRPTA results in higher taxes on foreign investment in real estate and infrastructure than on any other asset class such as stocks and bonds. FIRPTA imposes extra U.S. tax on the gain realized by a foreign investor on the deposition of an “interest” in the property. FIRPTA punishes foreign investments in many types of real property, from multifamily housing, to commercial buildings, to various types of infrastructure.

In 2007 the IRS worsened FIRPTA’s impact with the publication of Notice 2007-55, a non-regulatory guidance document that broke with 30 years of precedent. Prior to the IRS Notice 2007-55, liquidating distributions received by a foreign shareholder of a real estate investment trust (REIT) were treated as sale of stock. Section Two of Notice 2007-55 expanded FIRPTA by stating that these distributions should be treated as capital gains distributions subject to FIRPTA tax penalties. Because of the IRS notice, the FIRPTA penalty hits not only foreign investments in real property, but also foreign investments in companies that merely own and manage real property.  

This unilateral expansion of the FIRPTA penalty is problematic and should be fixed.

The IRS notice (and FIRPTA in general) picks winners and losers. It subjects foreign investment in real property to a higher tax burden than investment in any other asset class. 

A foreign taxpayer investing in a U.S. REIT will be subject to the FIRPTA tax penalty, but that same taxpayer would not be subject to U.S. tax from receiving a liquidating distribution from any other type of corporation. 

The IRS notice has also restricted foreign investment in U.S. real estate and infrastructure.  The U.S. is a top pick for foreign investors yet foreign investment in real estate is an anemic three percent of all foreign direct investment (FDI) in 2018. Withdrawing the notice should be step one toward correcting this problem.

The benefits of FIRPTA reform are not merely theoretical. When Congress made minor changes to FIRPTA that eased tax burdens for some foreign investors in 2015, billions of dollars were injected into the U.S. real estate market nationwide.

The potential gains are significant – A 2017 study by the Rosen Group found that full FIRPTA repeal would increase investment into the U.S. by between $65 billion and $125 billion creating284,000 to 147,000 new jobs. 

In the long term, Congress can unlock these economic gains by passing H.R. 2210, the “Invest in America Act.” This bipartisan legislation, which will fully repeal FIRPTA, was introduced by House Ways and Means Committee members John Larson (D-CT) and Kenny Marchant (R-TX). 

However, the Trump Administration need not wait for Congress to act to bring more badly-needed FDI dollars to the U.S. Aligning with its own priorities to reduce taxpayer and regulatory burdens, the Administration can act now to increase investment in the U.S., grow U.S. jobs, and raise Americans’ wages by pulling Notice 2007-55 and offering relief from FIRPTA double taxation.

 

 

Photo Credit: Mike Cohen


Thanks to GOP Tax Cuts, Craft Beverage Producers are Hiring and Expanding


Posted by John Kartch on Friday, December 6th, 2019, 5:00 AM PERMALINK

Thanks to GOP tax cuts, craft beverage producers are hiring new employees, purchasing new equipment, and expanding production
 

Thanks to the Tax Cuts & Jobs Act enacted by congressional Republicans and President Trump, local breweries, distilleries, and wineries across America are hiring more employees, purchasing new equipment, and expanding production. This means local craft beverage entrepreneurs are able to grow their business and provide a greater variety of beverages and fun community gathering places.

The GOP tax cuts enacted the Craft Beverage Modernization and Tax Reform Act, which provided federal tax relief for local craft breweries, wineries, and distilleries. And the tax cuts included full business expensing, which allows companies to deduct the full cost of new equipment from their taxes the same year they purchase it.

Below are several examples of good news from breweries, wineries, and distilleries. (If you know of any additions to this list, please send to jkartch@atr.org)

Biscayne Bay Craft Brewery (Miami, Florida) – Hiring two new employees and purchasing new equipment:

Consider the story of Jose Mallea, owner of Biscayne Bay Craft Brewery, who participated in President Trump's event. The tax cuts have allowed him to purchase $100,000 more in equipment and hire two new employees. – April 29, 2018 Tallahassee Democrat article excerpt

Cedar Springs Brewing Company (Cedar Springs, Michigan) -- Used savings from the Tax Cuts and Jobs Act to hire new employees and purchase new equipment:

Across the nation, craft beer makers are urging Congress to pass the Craft Beverage Modernization and Tax Reform Act.

The current legislation gives small brewers a 50% reduction of their federal excise tax, but it expires at the end of 2019.

"It was relief for a lot of us," Cedar Springs Brewing Company's Dave Ringler said. "I can speak personally, that gave us a little cash flow ease. It was something we used to hire employees, buy new equipment. It definitely helped out."

The new act would make that tax cut permanent.

"We’re all little guys," Ringler added. "Almost all of us are entrepreneurs that are sole proprietors or small business people, so it really does help Main Street."

"Small breweries really are the lifeblood of small communities," Ringler added. "It's been a huge part of revitalization in communities not only here in Michigan but nationally." -- Oct. 10, 2019 Fox 17 Article

Clayton Distillery (Clayton, New York) - facility upgrades:

Mr. Aubertine, who co-owns the Clayton Distillery, pays about $40,500 in excise taxes annually for the 3,000 gallons of spirits he produces at $13.50 per proof gallon. The tax reform, however, will reduce his expense to about $8,100 when it takes effect in 2018, which encouraged him to install upgrades to his facility at 40164 Route 12.

“We’re basically investing back into the business,” he said. “The tax plan — it also lets us write off some of the supplies a little bit differently.” - December 28, 2018, Watertown Daily Times article excerpt

Dripping Springs Distilling (Dripping Springs, Texas) -- The owner says he was able to use savings from the Tax Cuts and Jobs Act to hire new employees, invest in new equipment, and break ground on a new visitors center:

These tax savings have enabled Texas craft distillers to expand our businesses by hiring more employees, investing in new equipment and purchasing more from Texas agricultural suppliers. At Dripping Springs Distilling, which I co-founded, in addition to creating new jobs, we were able to break ground on a new visitors center, where we hosted 15,000 visitors last year.

 Gary Kelleher is co-founder of Dripping Springs Distilling. -- Nov. 29, 2019 My San Antonio

Dry Fly Distilling (Spokane, Washington) - Hiring new employees, plant expansion, and facility investments:

The reform that went into effect January 1, 2018 is helping Dry Fly Distilling save some money that the company is using to pump right back into a planned expansion, special projects, and other additions.

The Craft Beverage Modernization and Tax Reform Act reduced the federal excise tax on distilled spirits producers. Dry Fly Distilling owner Don Poffenroth said the change has saved Dry Fly about $1.50 on every bottle, which cuts down production costs.

"Now that $1.50 really is allowing us to add additional personnel, to put more money back into our plant and then we are embarking on a fairly aggressive expansion plan as well. So, we are going to build a new facility. So, we are 100% reinvesting kind of everything we get out of that," Poffenroth said.

That saved money also can go toward special projects, like the Dry Fly Single Malt Whiskey, which has been aged for the last ten years. - February 16, 2018, KXLY article excerpt

Flying Dog Brewery (Frederick, Maryland) - purchasing new equipment:
 

It's a similar story for Maryland's Flying Dog Brewery. CEO Jim Caruso (who is a donor to the Reason Foundation, which publishes this website) says the tax cuts might not look like much at the consumer level, but they free up a lot of money for businesses to reinvest in their operations.
 

"When you look at this reduction in taxes. That translates to a penny per bottle. It's a small cost per bottle times the number of cases, that adds up pretty quickly," says Caruso, saying his company saved some $300,000 thanks to the tax cuts, which he says has gone toward buying new capital equipment. - November 21, 2018 article excerpt from Reason Hit & Run Blog excerpt

 

Ghostface Brewing (Mooresville, North Carolina) – Hiring new employees, purchasing more equipment, and increasing distribution:

Mike Cuddy, owner of Ghostface Brewing in Mooresville, N.C., said his company also used the tax break to buy more equipment, hire more people and focus on distribution to local grocery stores and restaurants. – April 26, 2018, MarketWatch article excerpt

Gray Skies Distillery (Grand Rapids, Michigan) -- Expanding production:

Gray Skies has been in business for around two and a half years and has recently been able to expand production because of one specific aspect of the GOP tax law. It's called the Craft Beverage Modernization and Tax Reform Act, which was an amendment to the big picture bill Trump signed into law in December.

There's a lot to the law, but here's why it matters to Gray Skies and other distilleries like it: excise taxes are much, much lower for them now. 80% lower to be exact.

"The instant a drop of alcohol is produced, tax is owed on that," said Steve Vander Pol, who co-founded Gray Skies and serves as the head distiller.

The law reduces excise taxes on producers from $13.50 per proof gallon for the first 100,000 gallons produced to $2.70 per proof gallon.

"We're talking thousands of dollars every quarter that we're saving," Vander Pol said, "and obviously for someone on this sized scale to write a check that's reduced by 80% is pivotal. It's been huge for us." - June 4, 2018, WZZM article excerpt

Jordan Winery (Healdsburg, California) -- $1,000 bonuses for each of its 85 employees:

In response to the tax cut bill that passed this week, John Jordan, owner of Jordan Winery in Sonoma County, California, announces that he will give all eligible winery employees a $1,000 bonus as a result of the passage of the 2017 tax reform bill. – Dec. 22, 2017 Jordan Winery press release

Keg Creek Brewing (Glenwood, Iowa) - Expanding operations, purchasing new equipment:

“A small brewery in Glenwood, Iowa, in Mills County called Keg Creek is expanding their operations and investing in new equipment as they grow.” - June 11, 2018, Rep. David Young statement on U.S. House Floor

Lazy Magnolia Brewery (Kiln, Mississippi) - provide employee benefits, give employee promotions, and complete facility upgrades:

Known for its Southern Pecan Nut Brown Ale, Lazy Magnolia opened in 2005 and is the oldest packaging brewery in Mississippi. With the money saved from the tax cut, Henderson said the brewery has been able to improve benefits for employees, convert two part-time jobs to full time and improve the brewery's taproom. - June 2, 2018 CNN article excerpt

 

Lewis & Clark Brewing Co (Helena, Montana) - hiring new employees:

At Lewis and Clark Brewing Co., Pigman expects to save $25,000 this year because of the provision in the tax reform that he said brewers like him have been working to get for three years.
 

The money is going to hiring — an employee was brought on last week and Pigman is looking for two more full-time positions each in production and sales. - May 6, 2018 Helena Independent Record article excerpt

 

Mother Earth Brewing Company (Nampa, Idaho) -- The Tax Cuts and Jobs Act allowed the brewery to almost double their production, buy new equipment, and hire new employees:

Even the largest Idaho craft brewery has a fraction of that productivity. Mother Earth's Idaho brewery (the company has a second location in California) produced 10,000 barrels in 2018, the first year of the tax cut. This year, the brewery expects to produce 18,000 barrels, according to owner Daniel Love.

 ….

Mother Earth hired two new employees and bought two Unitanks, stainless steel fermenters, with the tax savings. -- Oct. 19, 2019 Idaho Press Article

Ole Smoky Distillery (Gatlinburg, Tennessee) - bonuses for non-senior management employees, purchasing new equipment, opening a new distillery, hiring new employees:

“We are very supportive of the new tax programs, as they are providing an opportunity for us to further invest in our team and business activities,” said Robert Hall, CEO of Ole Smoky Distillery. “We greatly value all our very talented employees, and are always striving to do what is best for them and the surrounding community. We will be using some of our tax savings to reward many of these hardworking individuals, as well as increasing our investment in new business endeavors. We couldn’t think of a better day to make this announcement.”

The moonshine distillery will be using some of the tax cut savings to provide bonuses for all employees below senior management, proportional to their tenure with the company. Additionally, because of its rapid business growth, the company has created many more jobs, particularly in East Tennessee, and plans to continue that growth by investing further in its Sevier County distilleries and expanding its footprint to Nashville, where it plans to open a 4th distillery and retail/entertainment location in the fall. New equipment has already been installed at the company’s largest distillery, the Holler, in order to expand production capacity. More equipment is on order for its Pittman Center bottling facility to continue the capacity expansion of that facility. - April 17, 2018, Ole Smoky Distillery press release excerpt

Port City Brewery (Alexandria, Virginia) -- Because of the Tax Cuts and Jobs Act, the company was able to pay employees more, offer better benefits, and buy more equipment:

At Port City, which opened in 2011 and is the oldest packaging brewery in the Washington, D.C.-area, the lower rate amounted to annual savings of roughly $50,000, Butcher said. With that money, Port City was able to pay its employees more, provide them with better benefits, including the employer match for retirement, and add more tanks and automation, he said. 

"All those things have become much easier with this lower tax rate," Butcher said. -- Sept. 26, 2019 Washington Examiner

Rebecca Creek Distillery (San Antonio, Texas) -- The company was able to use savings from the Tax Cuts and Jobs Act to hire more people and expand: 

Rebecca Creek Distillery LLC’s Steve Ison said that if Congress fails to extend that tax relief, it will severely strain the craft beverage industry and hamper his company’s ability to continue expanding. 

“It saved us a million bucks,” Ison said. “With that money, we were able to expand and hire more people.”

Backers of the act note that it reduces taxes on distilled spirits, for example, by more than $10 for the first 100,000 gallons produced or imported annually. There is less of a reduction for additional gallons produced. -- Dec. 3, 2019 San Antonio Business Journal

 

Right Proper Brewing Company (Washington, D.C.) -- The Tax Cuts and Jobs Act allowed the company to keep beer prices low:

At Right Proper Brewing Company in Washington, D.C., the tax cut saved the company more than $13,000. The brewery produces roughly 600 barrels annually at its restaurant and another 3,200 barrels at its production house in Northeast D.C., which opened in December 2015, co-owner Leah Cheston said.

 With the rate of $3.50 per barrel, the reduced federal excise taxes have allowed Cheston to keep prices at Right Proper's brewpub low, especially when compared with other restaurants in the area.

 "It's prevented us from having to raise prices because everything increases constantly," she said. "To get that break is great. As a small business, every little bit counts." -- Sept. 26, 2019 Washington Examiner

Shortway Brewing Co. (Newport, Connecticut) -- Increasing wages and hiring new employees:

Mr. Shortway said the new tax plan, along with the Craft Beverage Modernization and Tax Reform Act, also passed last year, have already helped the brewery save money. The craft beverage act greatly reduced excise taxes on small-scale brewers and the tax plan has additional provisions designed to help small businesses. - May 11, 2018, Carteret County News-Times article excerpt

Southern Grace Distilleries (Mount Pleasant, North Carolina) – Hiring new employees, expanding visitor center, and investing in business expansion:

"The reduction in the federal excise tax has allowed us to hire additional staff, increase our whiskey production, expand our visitor center and invest in marketing which is critical to the growth of our Conviction Small Batch Bourbon brand," said Southern Grace Distilleries CEO Leanne Powell. "At the end of last year our bourbon was available in NC, SC and Washington, DC. Today you can also find Conviction Small Batch Bourbon in Louisiana, Illinois, Oklahoma and Connecticut. We couldn't be happier." – April 26, 2018 Southern Grace Distilleries press release excerpt

St. Augustine Distillery (St. Augustine, Florida) - Hiring new employees, purchasing new equipment and inventory:

“As a young business facing more than their share of regulatory challenges, the St. Augustine Distillery was relieved, to say the least, when the Tax Cuts & Jobs Act was signed into law. The distillery announced shortly after the bill’s passage that they would be using their savings to make further investments in their employees and increase their equipment and inventory, creating new local jobs and hiring additional staff to manufacture, market, and sell their products.” - May 17, 2018, Rep. John Rutherford statement on U.S. House Floor

Stormcloud Brewing Company (Frankfort, Michigan) -- Savings from the Tax Cuts and Jobs Act allowed the company to buy new equipment and hire more employees:

“When the initial tax credit passed, it was an immediate savings for us and we were at a time when our business was continuing to grow, and so we took that opportunity to look at how we could invest in additional equipment, which brought on new employees as well,” said Stormcloud Co-Owner Rick Schmitt.

“We were able to add tank space, which allowed us to increase our distribution footprint, so today we’re in 35 counties in Michigan and likely we wouldn’t be there today if it weren’t for this tax credit,” said Schmitt.-- Oct. 7, 2019 9 & 10 News 

Sugarlands Distilling Company (Gatlinburg, Tennessee) – The Craft Beverage Modernization Act – a key part of the Tax Cuts and Jobs Act – helped Sugarlands Distilling Company plan a new 42,000 square foot distillery and barrel house. Sugarland is also investing $2 million in new equipment:

“We’re a small distillery, and this is a huge risk, one that we couldn’t have taken without the Craft Beverage Modernization Act. That’s given us the capital and the confidence that we needed to make a big bet on the future of our company. This month, we are breaking ground on a 42,000 square foot distillery and barrel house. We’re purchasing over $2 million worth of equipment, including one of the biggest pot stills Vendome has ever made. Each year, we’ll be buying almost $3 million pounds of corn and rye, and thousands of handcrafted American Oak barrels to produce our Tennessee whiskey.” -- Ned Vickers, President and CEO of Sugarlands Distilling Company

Sugarlands has a wonderful new video telling the story of the expansion. Here is an excerpt from the video:

“Our business is our passion. But just like every other business, we have our share of challenges. The Craft Beverage Modernization Act has allowed us to plan expansion, buy new equipment, create more jobs, and introduce ourselves to people in new neighborhoods. It means we can continue making an impact felt by all of our families, partners, and friends, for years to come.”

Sugarlands Distilling Company is a maker of many fine moonshinesavailable online or in person in Gatlinburg.

Telaya Winery (Boise, Idaho) -- The winery hired more employees and improved its marketing because of the Tax Cuts and Jobs Act.

At Boise’s Telaya Winery, grapes are sorted by hand onto a conveyor belt heading to the destemmer. Owner Earl Sullivan said the big bunches of fruit need to be pulled apart or they can explode in the machine.

“It’s a product of the freeze we just had a couple days ago,” he said, “We’re just having to work a little bit harder to make sure the fruit is as clean as we want it.”

 Sullivan is also the chair of the Idaho Wine Commission Board. Today’s grapes are processed and barreled for aging, but won’t be bottled and taxed as wine for two years. That delay can make tax law changes difficult to prepare for. 

 “We spend several hundred thousand dollars per year on production for two years down the road, so the most likely impact in the short term would be a reduction in production,” Sullivan said. He also noted the winery has beefed up its hiring and marketing in the last two years while the tax rates have been lower. -- Oct. 22, 2019 Boise State Public Radio

The Mitten Brewing Company (Grand Rapids, Michigan) -- Because of the Tax Cuts and Jobs Act, the Michigan Brewery was able to produce new beer, preform new research, hire new employees, give employees pay raises and bonuses:

"It literally put money back into our pockets that we were spending before. We had been producing a bunch of new beers that we have been able to research and develop, and we’ve retained key employees, by giving them bonuses, raises, bringing in new employees," said Max Trierweiler, co-owner of The Mitten Brewing Company.” -- Oct. 7, 2019 WZZM13 Article

Wood Boat Brewery (Clayton, New York) - Hiring new employees, expanding production:

Similarly, small producers of beer and liquor seem to be well positioned to take advantage of tax savings given the large cut to the federal excise charge across the industry.  Mix in a lower overall tax rate and the savings start to add up. Some are using the proceeds to hire and reinvest. For example, in Watertown, NY, the Wood Boat Brewery started posting ads for full-time help after the law passed.

Owner Michael J. Hazelwood told the Watertown Daily Times in December that he’d likely expand production and hire staff with savings realized from the reduced excise tax. Now, like the Klavers of SALUS, it appears he has. - April 18, 2018, Capital One blog post excerpt

If you know of any additions to this list, please send to jkartch@atr.org

For the full national list of pay raises, bonuses, 401(k) match increases, expansions, and utility rate reductions due to the Republican tax cuts, visit www.atr.org/list

 

Photo Credit: Paul Joseph


Washington D.C. Examples of Tax Reform Good News

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Posted by John Kartch on Thursday, December 5th, 2019, 9:00 PM PERMALINK

Thanks to the Tax Cuts and Jobs Act passed by the Republican congress and signed by President Donald Trump, 90 percent of wage earners have higher take-home pay.

Below are several examples of tax reform good news in Washington, D.C. (Additions to this list can be sent to jkartch@atr.org)

Right Proper Brewing Company (Washington, D.C.) -- The Tax Cuts and Jobs Act allowed the company to keep beer prices low:

At Right Proper Brewing Company in Washington, D.C., the tax cut saved the company more than $13,000. The brewery produces roughly 600 barrels annually at its restaurant and another 3,200 barrels at its production house in Northeast D.C., which opened in December 2015, co-owner Leah Cheston said.

 With the rate of $3.50 per barrel, the reduced federal excise taxes have allowed Cheston to keep prices at Right Proper's brewpub low, especially when compared with other restaurants in the area.

 "It's prevented us from having to raise prices because everything increases constantly," she said. "To get that break is great. As a small business, every little bit counts." -- Sept. 26, 2019 Washington Examiner

Pepco (Washington, DC) – The utility will pass along tax savings to customers:

Pepco today announced they will file with the Public Service Commission of the  District of Columbia in early February, outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018.       

The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have  to pay. 

“The tax law will result in lower bills for our customers and lower taxes for Pepco,” said Dave Velazquez, President and CEO, Pepco Holdings, which includes Pepco. – Jan. 5 2018, Pepco press release

Washington Gas Light (Washington, DC) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Walmart - Washington D.C. employees at 3 Walmart stores received tax reform bonuses, wage increases, and expanded maternity and parental leave. Walmart employees who adopt children will be given $5,000 to help cover expenses.

Starbucks Coffee Company (91 locations in Washington, D.C.) – $500 stock grants for all  retail employees, $2,000 stock grants for store managers, and varying plant and support center employee stock grants, totaling more than $100 million in stock grants. Nationally, 8,000 new retail jobs and 500 new manufacturing jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave.

T.J. Maxx – (Four locations in Washington, D.C.) – Tax reform bonuses, retirement plan contributions, parental leave, enhanced vacation benefits, and increased charitable donations:

The 2017 Tax Act benefited the Company in the fourth quarter and full year Fiscal 2018. The Company expects to continue to benefit from the 2017 Tax Act going forward, primarily due to the lower U.S. corporate income tax rate. As a result of the estimated cash benefit related to the 2017 Tax Act, the Company is taking the following actions:

Associates

  • A one-time, discretionary bonus to eligible, non-bonus-plan Associates, globally
  • An incremental contribution to the Company’s defined contribution retirement plans for eligible Associates in the U.S. and internationally
  • Instituting paid parental leave for eligible Associates in the U.S.
  • Enhancing vacation benefits for certain U.S. Associates

Communities

Made meaningful contributions to TJX’s charitable foundations around the world to further support TJX’s charitable giving – Feb. 28, 2018 The TJX Companies Inc. press release excerpt

AT&T $1,000 bonus to 222 D.C. employees; Nationwide, $1 billion increase in capital expenditures.  

Apple (One store location in Washington, D.C.) -- $2,500 employee bonuses in the form of restricted stock units; Nationwide, $30 billion in additional capital expenditures over five years; 20,000 new employees will be hired; increased support of coding education and science, technology, engineering, arts, and math; increased support for U.S. manufacturing.

Lowe's -- 150+ employees at one store in Washington, D.C. -- Employees will receive bonuses of up to $1,000 based on length of service, for 260,000 employees; expanded benefits and maternity/parental leave; $5,000 of adoption assistance

Ryder (One location in Washington, D.C.) - Tax reform bonuses for employees.

Best Buy -- Two stores in Washington, D.C. - $1,000 bonuses for full-time employees; $500 bonuses for part-time employees.

Bank of America (Three locations in Washington, D.C.) - $1,000 bonuses. 

Home Depot - One location in Washington, D.C., bonuses for all employees, up to $1,000.

Dollar Tree, Inc. (Multiple locations in Washington, D.C.) Nationwide, $100 million investment in raising base wages, enhanced benefits, including maternity leave for qualifying employees and employee training. 

Waste Management Inc. (Locations in Washington, D.C.) -- $2,000 bonuses:

In light of the meaningful contributions of its employees and the new U.S. corporate tax structure, the company will distribute US $2,000 in 2018 to every North American employee not on a bonus or sales incentive plan; that includes hourly and other employees.

“We are about to get a tax benefit as our U.S. corporate tax rate goes from 35 percent to 21 percent. In considering how to best spend that, we wanted to find a way to help grow our economy, which in turn, will help grow our business, and give some of the tax savings back to those hardworking employees who do not get the opportunity to participate in our salaried incentive plans,” said Jim Fish, president and chief executive officer, Waste Management.

“So, we are offering each North American hourly full-time employee and salaried employee who does not participate in any sales incentive or bonus plan during 2018, a cash bonus of US $2,000 to show our appreciation to so many of our valued employees while growing our business and returning a good portion of the tax savings directly to the overall economy,” he continued. – Jan. 10 2018, Waste Management Inc. press release excerpt

Chipotle Mexican Grill (Multiple locations in Washington, D.C.) - Bonuses ranging from $250 to $1,000; increased employee benefits; $50 million investment in existing restaurants.

U-Haul (Multiple locations in Washington, D.C.) - $1,200 bonuses for full-time employees, $500 for part-time employees.

FedEx (Multiple locations in Washington, D.C.) – Accelerated and increased compensation; pension plan contributions:

FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

  • Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance- based incentive plans for salaried personnel.
  • A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.
  • Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States-- Jan. 26 2018, FedEx press release

McDonald’s (25+ locations in Washington, D.C.) – Increased tuition investments which will provide educational program access for 400,000 U.S. employees. $2,500 per year (up from $700) for crew working 15 hours a week, $3,000 (up from $1,050) for managers, and more:

McDonald’s Corporation today announced it will allocate $150 million over five years to its global Archways to Opportunity education program. This investment will provide almost 400,000 U.S. restaurant employees with accessibility to the program as the company will also lower eligibility requirements from nine months to 90 days of employment and drop weekly shift minimums from 20 hours to 15 hours. Additionally, McDonald’s will also extend some education benefits to restaurant employees’ family members. These enhancements underscore McDonald’s and its independent franchisees’ commitment to providing jobs that fit around the lives of restaurant employees so they may pursue their education and career ambitions.

The Archways to Opportunity program provides eligible U.S. employees an opportunity to earn a high school diploma, receive upfront college tuition assistance, access free education advising services and learn English as a second language.  

“Our commitment to education reinforces our ongoing support of the people who play a crucial role in our journey to build a better McDonald’s,” said Steve Easterbrook, McDonald’s President and CEO. “By offering restaurant employees more opportunities to further their education and pursue their career aspirations, we are helping them find their full potential, whether that’s at McDonald’s or elsewhere.”

Accelerated by changes in the U.S. tax law, McDonald’s increased investment in the Archways to Opportunity Program includes:

    • Increased Tuition Investment:
      • Crew: Eligible crew will have access to $2,500/year, up from $700/year.
      • Managers: Eligible Managers will have access to $3,000/year, up from $1,050.
      • Participants have a choice for how they apply this funding – whether it be to a community college, four year university or trade school. There is no lifetime cap on tuition assistance – restaurant employees will be able to pursue their education and career passions at their own pace. The new tuition assistance is effective May 1, 2018 and retroactive to January 1, 2018.
    • Lowered Eligibility Requirements: Increase access to the program by lowering eligibility requirements from nine months to 90 days of employment. In addition, dropping from 20 hours minimum to 15 hours minimum (roughly two full time shifts) per week to enable restaurant employees more time to focus on studies.
    • Extended Services to Families: Extension of Career Online High School and College Advisory services to restaurant employees’ family members through existing educational partners Cengage and Council for Adult and Experiential Learning (CAEL).
    • Additional Resources: Career exploration resources for eligible restaurant employees to be available later this year.
    • Creation of an International Education Fund: Grants to provide local initiatives and incentives in global markets to further education advancement programs.
       

“Since its inception, Archways to Opportunity was meant to match the ambition and drive of restaurant crew with the means and network to help them find success on their own terms,” said David Fairhurst, McDonald’s Chief People Officer. “By tripling tuition assistance, adding education benefits for family members and lowering eligibility requirements to the equivalent of a summer job, we are sending a signal that if you come work at your local McDonald’s, we’ll invest in your future.”

After launching in the U.S. in 2015, Archways to Opportunity has increased access to education for over 24,000 people and awarded over $21 million in high school and college tuition assistance. Graduates have received college degrees in Business Administration, Human Resources, Communications, Accounting, Microbiology and more. – March 29, 2018 McDonald’s Corporation press release excerpt 

Wells Fargo (22 locations in Washington D.C.) - Raised base wage from $13.50 to $15.00 per hour; $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.

Note: If you know of other Washington D.C. examples, please email John Kartch at jkartch@atr.org 

The running nationwide list can be found at www.atr.org/list

More from Americans for Tax Reform


ATR Joins Coalition Warning of New Railroad Price Controls

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Posted by Mike Palicz on Thursday, December 5th, 2019, 5:58 PM PERMALINK

Today, Americans for Tax Reform joined a coalition of free-market organizations warning Congress of potential new government price controls on America’s freight railroads.

In a letter, the coalition emphasized the importance of the upcoming Surface Transportation Board (STB) hearing on railroad revenue adequacy and urged Congress to provide “close oversight of the STB and its remaining authorities.”

Specifically, the signed groups raised concerns regarding the STB’s possible changes to revenue adequacy determinations that may be used to create new heavy-handed railroad regulations. Such changes could allow the government to determine that a railroad is earning excessive revenue and consequently serve as justification for instituting a new price control mechanism to set maximum freight weights. Using revenue adequacy in this manner would run counter to the deregulatory agenda that saved the private railroad industry from the brink of collapse during the 1970s.

The letter's signers point to comments submitted to the STB by authors of a 2015 study produced at the request of Congress. These comments highlighted several concerns with STB’s proposal including:

  • Arbitrary calculations: “The proposal would establish rate increase caps based on the relationship of a shipper’s rates to a benchmark calculated using costs derived from the inherently arbitrary Uniform Rail Costing System (URCS) and arbitrary allocations of profits that exceed the cost of capital.”
  • Divorced from economic reality: “We are deeply concerned that this approach creates a rate increase constraint that is divorced both from economic reality and from a well-articulated goal that the proposal is designed to achieve.”
  • Contrary to stated intent: “This proposal could move STB rate regulation in the direction of public utility regulation rather than the protection of captive shippers.”

 

To see the full content of the letter, please click here.

Photo Credit: Luke Jones


Washington Examples of Tax Reform Good News

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Posted by John Kartch on Thursday, December 5th, 2019, 3:45 PM PERMALINK

Thanks to the Tax Cuts and Jobs Act enacted by congressional Republicans and President Trump, 90 percent of American wage earners have higher take-home pay. And employers of all sizes are hiring, raising pay, increasing benefits, upgrading equipment and expanding operations.

Below are several examples of tax reform good news in Washington (Additions to this list can be sent to jkartch@atr.org)

Dry Fly Distilling (Spokane, Washington) - Hiring new employees, plant expansion, and facility investments:

The reform that went into effect January 1, 2018 is helping Dry Fly Distilling save some money that the company is using to pump right back into a planned expansion, special projects, and other additions.

The Craft Beverage Modernization and Tax Reform Act reduced the federal excise tax on distilled spirits producers. Dry Fly Distilling owner Don Poffenroth said the change has saved Dry Fly about $1.50 on every bottle, which cuts down production costs.

"Now that $1.50 really is allowing us to add additional personnel, to put more money back into our plant and then we are embarking on a fairly aggressive expansion plan as well. So, we are going to build a new facility. So, we are 100% reinvesting kind of everything we get out of that," Poffenroth said.

That saved money also can go toward special projects, like the Dry Fly Single Malt Whiskey, which has been aged for the last ten years. - February 16, 2018, KXLY article excerpt

Alaska Air Group (Seattle, Washington) -- $1,000 bonuses for 23,000 employees.

APPS Portamedic (Bellevue, Washington) – employee bonuses:

"Anything from the 20 percent reduction down to 17.5 percent, we have a lot of equipment in our business so we're going to see a tax break there. I was looking at the numbers just based on our simple tax bracket as my wife and I you know it's about a $2,500 benefit just for income tax alone," Oakley said in an interview.

So, [owner Ben] Oakley decided to share the tax break, "Yeah, I sat down with my wife two days ago, I'm like 'if this goes, I want to show people that one, Republicans care about the middle class.' My wife and I are middle class, our staff is middle class. – December 20, 2017 KIRO 7 News report excerpt  

Avista Corporation (Spokane, Washington) – the utility will pass federal tax reform savings to customers:

“Avista customers could collectively see a $50 million to $60 million annual benefit from federal tax reform, utility officials said Wednesday.- Feb. 21, 2018 The Spokesman Review article excerpt

First Financial Northwest, Inc. (Renton, Washington) – $1,000 bonuses to all 138 non-executive employees:

First Financial Northwest, Inc. (the “Company”) (NASDAQ:FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported that it has given all of its non-executive employees a special $1,000 after-tax bonus, regardless of role or tenure with the Company. The one-time bonus comes in response to the signing of the U.S. Tax Cuts and Jobs Act of 2017 which provides a lower tax rate for companies like First Financial Northwest, Inc. – a portion of the expected tax savings was shared with its approximately 138 non-executive employees.

Joseph W. Kiley III, President and Chief Executive Officer, included a handwritten note with the surprise payments thanking the team for its efforts in 2017 and looking forward to a great 2018. “Our employees drive the success of our Company, delivering unique, innovative solutions to our customers and building long-term banking relationships in our communities,” said Kiley. “We pride ourselves on providing excellent benefits, competitive salaries and the opportunity for participation in the Company's long-term success. The expected tax savings give us an opportunity to invest even more in our team.” – First Financial Northwest Inc. press release

The savings on individual customers’ bills, however, won’t be known until later this year.

Corporate tax rates for the Spokane-based utility dropped from 35 percent to 21 percent effective Jan. 1. Savings from the lower taxes will get passed on to Avista’s utility customers in Washington, Idaho and Oregon, said Mark Thies, senior vice president and chief financial officer.

--

The anticipated $50 million to $60 million in annual savings is the result of the lower federal tax rate and changes to Avista’s deferred tax liability related to depreciation costs. As the result of the depreciation changes, about $442 million will be returned to Avista customers over 35 years, Thies said.” -- Feb. 21, 2018 The Spokesman Review article excerpt

 HomeStreet, Inc. (Seattle, Washington) – Base wage increased to $15 per hour:

Today, HomeStreet, Inc. (Nasdaq: HMST), the parent company of HomeStreet Bank (“HomeStreet”) announced that it has raised its company minimum wage to $15 per hour across all 111 retail branches and lending centers in seven states. The increase took effect January 1, 2018. The announcement comes on the heels of the recently signed federal tax reform bill that cut the corporate tax rate from 35 percent to 21 percent.

HomeStreet made the decision to increase its minimum wage in order to share the tax reform benefits with its employees. The change is particularly welcome as the cost of living continues to increase across the country.

“We’re dedicated to the incredible people who work at HomeStreet,” said Mark Mason, president and CEO of HomeStreet Bank. “We’re grateful to be in a position where we’re able to raise our minimum wage and reward our hardworking employees for the great work they do every day. – Jan. 16, 2018 HomeStreet, Inc. press release

Puget Sound Energy Inc. (Bellevue, Washington) – The utility will pass along tax cut savings to customers:

Washington state utility regulators approved electric rate reductions for Puget Sound Energy Inc. totaling $108.5 million for 2018, with two-thirds of that amount reflecting cuts to the company's federal corporate income tax rate.

The federal tax overhaul of 2017 lowered the utility's corporate income tax return from 35% to 21%, and the Washington Utilities and Transportation Commission determined that the financial benefit should be passed on to the company's customers. Those customers will continue to see the benefits of the tax rate reduction in the years ahead as well because the regulators also agreed to cut Puget Sound Energy's, or PSE's, annual base electric rates by $72.9 million. – May 7, 2018, SNL Electric Utility Report

AT&T -- $1,000 bonuses for 3,890 Washington employees. Nationwide, $1 billion increase in capital expenditures:

Today, Congress approved legislation representing the first comprehensive tax reform in a generation. The President is expected to sign the bill in the coming days.

Once tax reform is signed into law, AT&T* plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers. If the President signs the bill before Christmas, employees will receive the bonus over the holidays.

“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said Randall Stephenson, AT&T chairman and CEO. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”

Since 2012, AT&T has invested more in the United States than any other public company. Every $1 billion in capital invested in the telecom industry creates about 7,000 jobs for American workers, research shows. -- Dec. 20, 2017 AT&T Inc. press release

Inland Northwest Bank (Spokane, Washington) – Base wage raised to $15; $500 bonuses to employees excluding Senior Management Team:

INB, a regional independent community bank, today announced that it plans to share a portion of its anticipated tax savings with its employees as a result of the federal tax reform legislation signed last week.

The new tax reform law will revamp the tax framework and reduce the maximum tax rate for corporations from 35 percent to 21 percent. Historically, INB’s parent company, Northwest Bancorp has paid the maximum tax rate so it expects a tax cut of approximately 14 percent.

At year-end 2017, INB will pay a bonus of $500 to each of its 200 employees, excluding its Senior Management Team. Additionally, it will establish the company’s minimum wage at $15 an hour effective, January 1st, 2018. INB will also adjust other employee wages for those making more than $15 an hour. The total wage adjustment will affect more than one third of their entire workforce.– Dec. 27, 2018 Inland Northwest Bank press release excerpt

Peoples Bank (Bellingham, Washington) – Base wage raised to $15 per hour; 401(k) match increased one point to 8%:

In response to the newly passed tax reform legislation, Peoples Bank    (https://www.peoplesbank-wa.com/) today announced new investments in its employees. Specifically, Peoples Bank will raise the minimum wage to $15 for all hourly employees, effective February 1, 2018, and will increase its 401K match one point to eight percent for all eligible employees, effective immediately

“These new employee benefits reflect our ongoing commitment to doing what is right at every step, and our People Come First philosophy which guides the decisions we make in support of our customers and employees,” said Charles LeCocq, Chairman of the Board & Chief Executive Officer. “The new corporate tax reform package is an opportunity to give back to our employees, and recognize their hard work and dedication to providing our customers with a full relationship banking experience and exceptional customer service."  – Jan. 8 2018, Peoples Bank press release

Starbucks Coffee Company (Headquarters in Seattle, Washington and 757 store locations in Washington) – $500 stock grants for all Starbucks retail employees, $2,000 stock grants for store managers, and varying plant and support center employee stock grants, totaling more than $100 million in stock grants; 8,000 new retail jobs and 500 new manufacturing jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave:

“Starbucks pays above the minimum wage in all states across the country. In April, all eligible U.S. hourly and salaried partners will receive a second wage increase in addition to the annual increases that they have already received this fiscal year. This will include an investment of approximately $120 million in wage increases that will be allocated based on regional cost of living and laws that vary from state to state. 

On April 16, we will provide an additional 2018 stock grant for all eligible full-time, part-time, hourly and salaried U.S. partners across our stores, plants and support centers, who have been active as of Jan. 1, 2018. All Starbucks retail partners will receive at least a $500 grant, store managers will each receive $2000 grant and plant and support center partner (non-retail) grants will vary depending on annualized salary or level. This investment alone is valued at more than $100 million.  

A new Partner and Family Sick Time benefit will be available to all eligible U.S. partners, which will allow partners to accrue paid sick time based on hours worked and then use them if they or a family member needs care. When this benefit goes into effect this year, Sick Time will accrue at a rate of one hour for every 30 hours worked, thus a partner working 23 hours a week can expect to accrue approximately five days of sick time benefit over the course of one year.

Starbucks has also reaffirmed their commitment to create more than 8,000 new part-time and full-time retail jobs and an additional 500 manufacturing jobs in its Augusta, Georgia soluble coffee plant.

For store partners, Starbucks has also expanded their parental leave policy to include all non-birth parents with up to 6 weeks of paid leave when welcoming a new child.” Jan. 24 2018, Starbucks Coffee Company press release excerpt

Washington Federal (Seattle, Washington) – according to a company statement, “all Washington Federal employees in good standing and earning less than $100,000 per year will receive a 5% increase on top of their normal merit increase.”

Washington Federal, Inc. (NASDAQ: WAFD) today announced with the signing of tax reform legislation, the Bank will accelerate strategic investments in its employees, client service capabilities and community development funding. – Dec. 20 2017, Washington Federal press release

Sound Financial Bancorp Inc. (Seattle, Washington) – increasing employee incentive compensation, expanding charitable giving, and implementing a down payment assistance program for first time homebuyers:

“Responding to H.R. 1, the Tax Cuts and Jobs Act, Sound Community Bank is set to implement a series of employee and community benefits in 2018.

At the Annual Employee Meeting on February 3rd, President and CEO Laurie Stewart unveiled a suite of employee and community initiatives. These include enhancing employee incentive compensation, expanding charitable giving and implementing a down payment assistance program for first time homebuyers.

The increase to incentive compensation will allow both back office and front line employees to increase compensation for achieving goals.” – Feb. 9 2018, Sound Financial Bancorp Inc. press release excerpt

Premera Blue Cross (Mountlake Terrace, Washington) -- $1,500 bonuses for 2,600 employees.

Walmart – South Dakota employees at 67 Walmart stores received tax reform bonuses, wage increases, and expanded maternity and parental leave. Walmart employees who adopt children will be given $5,000 to help cover expenses.

Home Depot -- 45 locations in Washington - Bonuses for all hourly employees, up to $1,000.

Lowe's -- 5,000+ employees at thirty-six stores and a distribution in Washington. Employees will receive bonuses of up to $1,000 based on length of service, for 260,000 employees; expanded benefits and maternity/parental leave; $5,000 of adoption assistance.

Ryder (Six locations in Washington) – Tax reform bonuses to employees.

Dollar Tree, Inc. (Multiple locations in Washington) - $100 million investment in raising base wages, enhanced benefits including maternity leave for qualifying employees, and employee training.  

Best Buy -- Twenty-eight locations in Washington; $1,000 bonuses for full-time employees; $500 bonuses for part-time employees. 

Cintas (Multiple locations in Washington) -- $1,000 bonuses for employees of at least a year, $500 for employees of less than a year.

Taco John’s (Locations in Fort Lewis, Kennewick, Spokane, McChord AFB): All full-time and part-time crew members received a $200 after-tax bonus:

Taco John’s International, Inc. announced today that in response to the 2018 Tax Cut and Jobs Act, the company gave part of its projected tax savings to its restaurant crews, general managers, corporate staff and CORE (Children of Restaurant Employees).

On Friday, Feb. 23, Taco John’s International, Inc.’s employees received a one-time bonus, as follows:

  • Every restaurant crew member - full-time and part-time - received $200 (after taxes);
  • General managers and employees at the Taco John’s Franchisee Support Center in Cheyenne received $1,000 each; and,
  • The Executive Council of Taco John’s International, Inc. (Vice Presidents and above) donated their $1,000 bonuses (a total of $10,000) to CORE, a national not-for-profit organization that grants support to children of food and beverage service employees who are navigating life-altering circumstances.
     

“At Taco John’s International, our team is our family, so sharing the financial benefits that were a result of the recent tax reform legislation only makes sense,” said Jim Creel, CEO of Taco John’s International, Inc. “We encourage other restaurant brands to follow our example and give a portion of their savings to the people that are at the heart of what we do and to great organizations like CORE that support our crew. One hundred percent of CORE’s funds directly benefit children of restaurant employees who have been afflicted with life-threating conditions.”

“We are so grateful to the Taco John’s team for their generous donation to our CORE family members,” said Lauren LaViola, executive director of CORE. “Donations like theirs help us provide for our food and beverage service families experiencing loss, illness and other life-changing circumstances, and help us get closer to our goal of helping even more families across all 50 states in 2018.”

The total amount that Taco John’s International, Inc. gave exceeded $150,000.00. – Feb. 28, 2018 Taco John’s International, Inc. press release

Chipotle Mexican Grill (Multiple locations in Washington) – Bonuses ranging from $250 to $1,000; increased employee benefits; $50 million investment in existing restaurants.

Comcast (Multiple locations in Washington) -- $1,000 bonuses; nationwide, at least $50 billion investment in infrastructure in next five years.

T.J. Maxx – (19 locations in Washington) – Tax reform bonuses, retirement plan contributions, parental leave, enhanced vacation benefits, and increased charitable donations:

The 2017 Tax Act benefited the Company in the fourth quarter and full year Fiscal 2018. The Company expects to continue to benefit from the 2017 Tax Act going forward, primarily due to the lower U.S. corporate income tax rate. As a result of the estimated cash benefit related to the 2017 Tax Act, the Company is taking the following actions:

Associates

  • A one-time, discretionary bonus to eligible, non-bonus-plan Associates, globally
  • An incremental contribution to the Company’s defined contribution retirement plans for eligible Associates in the U.S. and internationally
  • Instituting paid parental leave for eligible Associates in the U.S.
  • Enhancing vacation benefits for certain U.S. Associates

Communities

Made meaningful contributions to TJX’s charitable foundations around the world to further support TJX’s charitable giving – Feb. 28, 2018 The TJX Companies Inc. press release excerpt

U-Haul (Multiple locations in Washington) – $1,200 bonuses for full-time employees, $500 for part-time employees.

FedEx (Multiple locations in Washington) – Accelerated and increased compensation; pension plan contributions:

FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

  • Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance- based incentive plans for salaried personnel.
  • A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.
  • Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States. -- Jan. 26 2018, FedEx press release

Waste Management Inc. (Multiple locations in Washington) -- $2,000 bonuses:

In light of the meaningful contributions of its employees and the new U.S. corporate tax structure, the company will distribute US $2,000 in 2018 to every North American employee not on a bonus or sales incentive plan; that includes hourly and other employees.

“We are about to get a tax benefit as our U.S. corporate tax rate goes from 35 percent to 21 percent. In considering how to best spend that, we wanted to find a way to help grow our economy, which in turn, will help grow our business, and give some of the tax savings back to those hardworking employees who do not get the opportunity to participate in our salaried incentive plans,” said Jim Fish, president and chief executive officer, Waste Management.

“So, we are offering each North American hourly full-time employee and salaried employee who does not participate in any sales incentive or bonus plan during 2018, a cash bonus of US $2,000 to show our appreciation to so many of our valued employees while growing our business and returning a good portion of the tax savings directly to the overall economy,” he continued. – Jan. 10 2018, Waste Management Inc. press release excerpt

McDonald’s (320+ locations in Washington) – Increased tuition investments which will provide educational program access for 400,000 U.S. employees. $2,500 per year (up from $700) for crew working 15 hours a week, $3,000 (up from $1,050) for managers, and more:

McDonald’s Corporation today announced it will allocate $150 million over five years to its global Archways to Opportunity education program. This investment will provide almost 400,000 U.S. restaurant employees with accessibility to the program as the company will also lower eligibility requirements from nine months to 90 days of employment and drop weekly shift minimums from 20 hours to 15 hours. Additionally, McDonald’s will also extend some education benefits to restaurant employees’ family members. These enhancements underscore McDonald’s and its independent franchisees’ commitment to providing jobs that fit around the lives of restaurant employees so they may pursue their education and career ambitions.

The Archways to Opportunity program provides eligible U.S. employees an opportunity to earn a high school diploma, receive upfront college tuition assistance, access free education advising services and learn English as a second language.  

“Our commitment to education reinforces our ongoing support of the people who play a crucial role in our journey to build a better McDonald’s,” said Steve Easterbrook, McDonald’s President and CEO. “By offering restaurant employees more opportunities to further their education and pursue their career aspirations, we are helping them find their full potential, whether that’s at McDonald’s or elsewhere.”

Accelerated by changes in the U.S. tax law, McDonald’s increased investment in the Archways to Opportunity Program includes:

  • Increased Tuition Investment:
    • Crew: Eligible crew will have access to $2,500/year, up from $700/year.
    • Managers: Eligible Managers will have access to $3,000/year, up from $1,050.
    • Participants have a choice for how they apply this funding – whether it be to a community college, four year university or trade school. There is no lifetime cap on tuition assistance – restaurant employees will be able to pursue their education and career passions at their own pace. The new tuition assistance is effective May 1, 2018 and retroactive to January 1, 2018.
  • Lowered Eligibility Requirements: Increase access to the program by lowering eligibility requirements from nine months to 90 days of employment. In addition, dropping from 20 hours minimum to 15 hours minimum (roughly two full time shifts) per week to enable restaurant employees more time to focus on studies.
  • Extended Services to Families: Extension of Career Online High School and College Advisory services to restaurant employees’ family members through existing educational partners Cengage and Council for Adult and Experiential Learning (CAEL).
  • Additional Resources: Career exploration resources for eligible restaurant employees to be available later this year.
  • Creation of an International Education Fund: Grants to provide local initiatives and incentives in global markets to further education advancement programs.
     

“Since its inception, Archways to Opportunity was meant to match the ambition and drive of restaurant crew with the means and network to help them find success on their own terms,” said David Fairhurst, McDonald’s Chief People Officer. “By tripling tuition assistance, adding education benefits for family members and lowering eligibility requirements to the equivalent of a summer job, we are sending a signal that if you come work at your local McDonald’s, we’ll invest in your future.”

After launching in the U.S. in 2015, Archways to Opportunity has increased access to education for over 24,000 people and awarded over $21 million in high school and college tuition assistance. Graduates have received college degrees in Business Administration, Human Resources, Communications, Accounting, Microbiology and more. – March 29, 2018 McDonald’s Corporation press release excerpt 

Wells Fargo (135 locations in Washington) Raised base wage from $13.50 to $15.00 per hour; $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.

Note: If you know of other Washington examples, please email John Kartch at jkartch@atr.org

The running nationwide list of companies can be found at www.atr.org/list

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Virginia Examples of Tax Reform Good News

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Posted by John Kartch on Thursday, December 5th, 2019, 11:00 AM PERMALINK

Thanks to the Tax Cuts and Jobs Act enacted by congressional Republicans and President Trump, 90 percent of American wage earners have higher take-home pay. And employers of all sizes are hiring, raising pay, increasing benefits, upgrading equipment and expanding operations.

Below are several examples of tax reform good news in Virginia. (Additions to this list can be sent to jkartch@atr.org)

Deckscapes (Catharpin, Virginia) - Employee pay raises, purchased new trucks, started a new bonus structure and employee IRAs:

“With repealing of regulations and renewed optimism, business has grown considerably over the last year and now with this tax cut, gee-whiz, just the other day we went out with a minimum of 7 percent pay raise to our employees, some of them got higher. We changed our bonus structure, we’re starting IRAs for all the employees, and went out and purchased a bunch of trucks.” - April 17, 2018 Tax Talk Roundtable, Gary Desilets, Owner of Deckscapes

Port City Brewery (Alexandria, Virginia) -- Because of the Tax Cuts and Jobs Act, the company was able to pay employees more, offer better benefits, and buy more equipment:

At Port City, which opened in 2011 and is the oldest packaging brewery in the Washington, D.C.-area, the lower rate amounted to annual savings of roughly $50,000, Butcher said. With that money, Port City was able to pay its employees more, provide them with better benefits, including the employer match for retirement, and add more tanks and automation, he said. 

"All those things have become much easier with this lower tax rate," Butcher said. -- Sept. 26, 2019 Washington Examiner

Control Automation Technologies Corporation (Providence Forge, Virginia) - Expansion doubling current facility size, hiring new employees, purchasing new equipment:

Control Automation Technologies Corporation (CATC) has announced the expansion of its Virginia Laboratory as it plans to double the size of its existing facilities in New Kent County, VA.The expansion will include offices, laboratories, and a logistics warehouse to accommodate its growing customer base as well as new equipment, services and employees.

With the recent economic boom, expansion was inevitable", said Mike Watson, the company's founder and CEO. Watson also touted regulation and tax reform as key catalysts for its decision to expand now. - August 1, 2018, Control Automation Technologies Corporation press release excerpt

Bay Electric Co., Inc (Newport News, Virginia) – Hiring new employees and purchasing new equipment:

Business owners at the event said the recent tax law has allowed them to increase capital investment, hire more people and give bonuses.

“This year, we are hiring 12 electricians and have added two project managers to our senior team,” John Biagas, president and chief executive of Bay Electric Co., told the audience. “Plus, the new tax law accelerated our plan to invest over $500,000 in new trucks and equipment.” – April 17, 2018 Morning Consult article excerpt

sweetFrog Frozen Yogurt (Richmond, Virginia)  - growing exponentially — adding new stores, serving countless new customers.

I can certainly speak for my business, which has never seen better days. In large part due to the federal tax overhaul, sweetFrog Frozen Yogurt is growing exponentially — adding new stores and serving countless new customers.

 

In 2009, sweetFrog opened its first store in Richmond. Less than a decade later, we now have more than 350 locations worldwide. By the end of the year, we expect to have more than 400 open locations.

 

During the first quarter of 2018, sweetFrog franchise owners opened new locations in states including Maryland, Tennessee and Virginia, so it’s undeniable that federal tax cuts had a positive effect. –September 21, 2018 – The Viriginia Pilot ( Guest Columnist Patrick Galleher CEO of sweetFrog Frozen Yogurt)

 

K-VA-T Food Stores (Abingdon, Virginia) - Increased employee wages, expanded employee benefits:

Tax reform enabled K-VA-T Food Stores, the parent company of Food City, to give raises to 25% of its workforce, a total boost to the payroll of $1 million. It also improved its benefits package for employees and can continue some health benefits that had been under stress due to soaring health insurance costs. - April 13, 2018, Augusta Free Press article excerpt

EnerVest (Abingdon, Virginia) - Employee bonuses:

EnerVest, an oil and gas company with a presence in Southwest Virginia and around 95 employees in the Commonwealth, paid more in bonuses at the end of 2017 and provided a larger average pay increase to its employees than it had in prior years. The company attributed part of its decision to the lift provided by tax reform. - April 13, 2018, Augusta Free Press article excerpt

Payne Trucking (Fredericksburg, Virginia) – Bonuses of $750 for employees of at least five years; $500 for employees of at least a year; $250 for employees of at least six months:

A longtime Fredericksburg-area business owner is giving 81 employees a one-time bonus as a result of the Tax Cuts and Jobs Act passed by Congress in December.

“We were so pleased with the tax relief that we got that we had to share it,” said Danny Payne, head of Payne Trucking Co. “There were tremendous savings in tax relief.”

Employees at the company’s locations in Massaponax and Dundalk, Md., who’ve worked for Payne at least six months received an extra $250 in their paycheck Jan. 26. Those who’ve worked there for at least a year got $500 and those who’ve been there at least five years got $750. Senior management and part-timers weren’t eligible. – Feb. 8, 2018 Fredericksburg.com article excerpt

Sports Clips -- Debra Sawyer, franchise owner (Richmond, Virginia) - Expanding operations, hiring new employees:

“I’m a franchisee. I have 20 open locations and I have my 21st location that will open sometime this summer. Earlier this year I already bought out one of my friends in Florida. She wanted to relocate to the Carolinas to be closer to her kids. So I’m very grateful that the new tax law allows us that clear opportunity to write off not only newly acquired assets that are a brand new purchase but also ones that are used when you’re buying an existing business out from someone else…And then after the [tax reform] bill was passed and I was kind of looking at my tax situation another opportunity came to me to go for my 22nd location. I went ahead and took that because I was comfortable with the tax write offs that I could do. That lease is with my attorney right now for review and I’m hoping to get that location open as well which will let me promote one of my assistant managers to manager, and it will also let me hire at least ten more employees.” - April 17, 2018 Tax Talk Roundtable, Debra Sawyer, Sports Clips Franchisee

Dollar Tree, Inc. (Headquarters in Chesapeake, and many retail locations statewide) – $100 million investment in raising base wages and enhanced benefits including maternity leave:

As noted previously, the Company benefited in the fourth quarter and fiscal 2017 with respect to the TCJA. The Company expects to continue to benefit going forward and currently estimates the benefit to be approximately $250 million for fiscal 2018. As a result of the estimated cash benefit, the Company plans to invest approximately $100 million through the following actions:

  • Invest in stores with more hours, including training for associates,
  • Invest in people with increased average hourly rates,
  • Add Family Dollar eligible associates to the Defined Contribution Plan starting in fiscal 2017 and increase contributions in fiscal 2018, and Establish paid maternity leave for eligible associates --  March 7, 2018 Dollar Tree, Inc. press release excerpt
     

Huntington Ingalls Industries (Newport News, Virginia) -- $500 bonuses:

Workers at Huntington Ingalls Industries will receive a one-time bonus in the company’s response to the federal Tax Reform Act. 

A $500 bonus will be given to all employees except for those who work through an incentive plan.

HII is the parent company of Ingalls Shipbuilding, which employs about 11,500 workers and is the largest manufacturing employer in Mississippi.

HII President and CEO Mike Petters announced the news Thursday in a letter provided to the Sun Herald.

Huntington Ingalls also made a significant incremental contribution to its pension fund—adding $200 million—as a way of providing for its employees’ futures. While many pension funds across the nation face insolvency, Huntington Ingalls is well funded.

The bonus one of several contributions the company plans to make, according to Petters’ letter. – Feb. 15, 2018 Sun Herald article and May 8, 2019 National Association of Manufacturers Shop Floor Blog

Stafford Bounce n Play, LLC  (Stafford, Virginia) -- $1,000 mid-year bonuses for all employees:    

By working to pass tax reform, these representatives helped my wife and me to make positive steps in both our business and in our relationships with our employees. Stafford Bounce n Play strives to be the best we can be, ensuring that our employees feel valued and appreciated day-in and day-out.

Thanks to the tax savings the new plan provided, we were able to do so by distributing a $1,000 mid-year bonus to each of the hardworking people who work for us. This kind of investment in our employees—and in-turn our community—is the kind of action that Virginia and America needs for long-term prosperity. We expect to see growth this year because of our U.S. representatives’ efforts.  – Nicholas Bluma, Stafford Bounce n Play, LLC, March 9, 2018 Inside NOVA

Virginia American Water Company (Alexandria, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Aqua Virginia, Inc (Rockville, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Columbia Gas of Virginia (Chester, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Virginia Natural Gas (Virginia Beach, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Roanoke Gas (Roanoke, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Appalachian Natural Gas (Abingdon, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Virginia Electric and Power Company (Richmond, Virginia) – The utility will pass tax cut savings on to customers:

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books. The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers. They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company. –January 8, 2018, Virginia SCC Press Release

Nexus Services, Inc. (Verona, Virginia) – 5% raise for all employees; 200 more workers will be hired in 2018:

All Nexus Services, Inc. employees will receive a 5% raise, starting in January 2018, CEO Mike Donovan announced today.  Also, Nexus unveiled plans to hire another 200 workers over the course of 2018 – doubling the size of Nexus Services, Inc. workforce nationwide. Many of the new jobs will be created in Virginia's Shenandoah Valley and other jobs will be in San Juan (Puerto Rico), Hackensack (NJ), Ontario (CA) and other sites nationwide. 

The 5% boost in pay will come on top of the increased take home pay that workers will enjoy due to lower Federal income tax rates for individuals.

The more than 200 new jobs Nexus plans to create over the next 12 months will each have a "living wage" and provide full benefits including, health, dental, vision, and retirement plans.

A combination of an improved business outlook for 2018 and tax reform by Congress has enabled Nexus Services, Inc. to make these generous changes. – Dec. 21, 2017 Nexus Services Inc. press release

CarMax Inc. (Headquarters in Richmond, and 10 retail locations statewide: Charlottesville, Dulles, Fredericksburg, Harrisonburg, Lynchburg, Newport News, Virginia Beach, Midlothian, Glen Allen) – $250 - $1,500 bonuses:

The nation’s largest retailer of used cars, announced plans to provide one-time bonuses to most hourly and commissioned full-time and part-time associates as a result of the recently passed Tax Cuts and Jobs Act of 2017. Bonus amounts will vary from $200 up to $1,500 based on length of service with the company. – Feb 23. 2018, EPR Retail News article excerpt

RDR, Inc. (Centreville, Virginia) – Bonuses of up to $1,000 for all 125 employees:

RDR, Inc. A professional services firm headquartered in Centreville, Virginia with a Branch office in Southern Pines, North Carolina and individual employees nationwide is announcing that it will be paying bonuses to each of its 125 employees as a result of anticipated 2018 tax savings from the recently passed Tax Cuts and Jobs Act of 2017.

It has been said that all U.S. workers would see financial benefits in February from the tax cuts that passed in December and we are determined to make this true for all our employees right now! – Jan. 19 2018,  RDR, Inc. press release excerpts

Great Southern Wood Preserving, Inc. (Wood treatment plant in Rocky Mount, Virginia) -- Significantly increased employee benefits: lower healthcare costs, more paid time off, and scholarships; supply store location in Rocky Mount, Virginia:

Great Southern Wood Preserving, Incorporated, has begun an active and ongoing process to increase employee benefits by reinvesting its tax savings in its people, the company has announced. The company expects full implementation to take place in 2018.

In late 2017, Congress passed and the President signed into law legislation providing significant tax breaks for corporations. Across America, many companies have chosen a variety of options for applying these savings, such as providing one-time bonuses to employees, increasing charitable giving and reinvesting in facilities upgrades.

For its part, Great Southern Wood will make investments on an ongoing basis to lower healthcare costs for eligible employees, allow employees to accrue more paid time off based on length of service, develop scholarships for dependents of employees and enhance other benefits going forward.

“I’m very pleased that every employee across the company will see the results of the change in tax laws,” said Jimmy Rane, Great Southern Wood’s founder, president and CEO. “The success we’ve enjoyed as a company comes from every one of us working hard and doing our part, and I can’t think of a better way to apply our tax savings than by further investing in benefits programs for our employees. We strive to be an employer that draws the best and brightest to our company, and we believe that providing stronger benefits is essential to this continuing effort.”

Great Southern employs almost 1,200 at locations in eleven states. [Texas, Missouri, Arkansas, Georgia, Alabama, Mississippi, Louisiana, Pennsylvania, Virginia, Maryland, Florida] -- March 29, 2018 Great Southern Wood Preserving, Inc. press release

Eberle Communications Group, Inc. (McLean, Virginia) -- Increased 401(k) match from 25% to 50% for all 45 employees. 

Bank of the James (Lynchburg, Virginia) - Raised base wage to $15 per hour for employees with more than one year of service. 

Capital One (McLean, Virginia) - Base wage raised to $15 per hour. The news was announced to associate on Tuesday January 9, 2018. 

First Sentinel Bank (Richlands, Virginia) – $750 cash tax reform bonus:

A tax reform bill signed by Pres. Donald Trump in December 2017 has resulted in a local company giving employees a one-time bonus.

Called a Tax Cut Bonus, First Sentinel Bank, based in Richlands, Va., is sharing its savings from tax reform with employees.

The board of directors of First Region Bancshares and its subsidiary, First Sentinel Bank, made the announcement Friday that “all employees of the bank will receive a one-time cash bonus of $750 each in recognition of their continued hard work, dedication, and contributions to the ongoing success of the bank.” – March 26, 2018 Bluefield Daily Telegraph article excerpt

F&M Bank (Timberville, Virginia) – Tax reform bonuses of up to $1,100:

Employees of F&M Bank were surprised on Tuesday to learn they would receive a bonus, which the institution attributes to additional earnings expected as a result of the GOP tax plan.

"This is an opportunity we haven't seen during my career, as far as cuts in corporate tax rates," said Executive Vice President Neil Hayslett. "Rather than just banking all that, so to speak, we wanted to share it with the employees."

The GOP tax plan cut the corporate tax rate from 35 percent to 21 percent.

Those who work more than 30 hours a week were given a one-time bonus of $1,100 and those who work less were handed $750. – Feb. 20, 2018 WHSV 3 article excerpt

First Bank and Trust Company (Abingdon, Virginia) -- Base wage raised to $15 per hour.

Information First, Inc. (Manassas, Virginia) $500 cash bonus for all 15 employees.

Altria Group Inc. (Richmond, Virginia) – $3,000 bonus to approximately 7,900 non-executive level employees, a total of $24 million in bonuses; increased charitable contributions:

Altria Group Inc., one of the Richmond area’s largest private employers, says it is giving all of its non-executive employees a one-time $3,000 bonus, thanks to the corporate tax cut passed by Congress in December.

The Henrico County-based parent company of cigarette maker Philip Morris USA said it also plans to set aside $35 million over three years for philanthropic programs in the communities where it has operations, focusing particularly on nonprofit programs in youth development and workforce preparedness. The money is in addition to the roughly $55 million a year that Altria typically donates to philanthropy, a company spokeswoman said.

The bonus to employees is expected to be paid out this month and will amount to a total of $24 million for the company’s approximately 7,900 non-executive employees.

About 3,600 of those employees are in the Richmond area, where the company has a cigarette factory in South Richmond, its headquarters in Henrico, a research center in downtown Richmond and other operations.

“Our employees drive our success,” said Marty J. Barrington, the company’s chairman and CEO, in a statement. “This bonus is one way we say thank you for everything they do to make Altria a business leader and a leader in our communities.”

Altria is not the only company that has announced one-time bonuses since the tax reform bill was passed in late December. Others include Walmart, Comcast, AT&T, Walt Disney Co., Starbucks, American Airlines and Bank of America, with bonuses mostly of $1,000.

Altria announced the bonus to its employees Thursday afternoon, after the company reported its fourth-quarter and full-year earnings for 2017.” – Feb. 1, 2018 Richmond Times- Dispatch article excerpt

Valley Bank (Harrisonburg, Virginia) -- $1,100 bonuses for employees who work more than thirty hours a week, $750 bonus for employees who work under thirty hours a week; charitable contribution of $250,000:

"This is an opportunity we haven't seen during my career, as far as cuts in corporate tax rates," said Executive Vice President Neil Hayslett. "Rather than just banking all that, so to speak, we wanted to share it with the employees."

The GOP tax plan cut the corporate tax rate from 35 percent to 21 percent.

Those who work more than 30 hours a week were given a one-time bonus of $1,100 and those who work less were handed $750.

The Timberville-based bank also announced a special dividend to shareholders and the formation of a community fund. During a scheduled training session, the company awarded $250,000 to three community foundations.

Altogether, Hayslett said $1.1 million was given out. – Feb. 20, 2018 WHSV 3 news article excerpt

F&M Bank (Timberville, Virginia) – Tax reform bonuses of up to $1,100:

Employees of F&M Bank were surprised on Tuesday to learn they would receive a bonus, which the institution attributes to additional earnings expected as a result of the GOP tax plan.

"This is an opportunity we haven't seen during my career, as far as cuts in corporate tax rates," said Executive Vice President Neil Hayslett. "Rather than just banking all that, so to speak, we wanted to share it with the employees."

The GOP tax plan cut the corporate tax rate from 35 percent to 21 percent.

Those who work more than 30 hours a week were given a one-time bonus of $1,100 and those who work less were handed $750. – Feb. 20, 2018 WHSV 3 article excerpt

Walmart –  Virginia employees at 138 Walmart stores received tax reform bonuses, wage increases, and expanded maternity and parental leave. Walmart employees who adopt children will be given $5,000 to help cover expenses.

AT&T -- $1,000 bonuses to 2,528 Virginia employees; Nationwide, $1 billion increase in capital expenditures:

Today, Congress approved legislation representing the first comprehensive tax reform in a generation. The President is expected to sign the bill in the coming days.

Once tax reform is signed into law, AT&T* plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers. If the President signs the bill before Christmas, employees will receive the bonus over the holidays.

“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said Randall Stephenson, AT&T chairman and CEO. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”

Since 2012, AT&T has invested more in the United States than any other public company. Every $1 billion in capital invested in the telecom industry creates about 7,000 jobs for American workers, research shows. -- Dec. 20, 2017 AT&T Inc. press release

T.J. Maxx – 36 stores in Virginia – Tax reform bonuses, retirement plan contributions, parental leave, enhanced vacation benefits, and increased charitable donations:

The 2017 Tax Act benefited the Company in the fourth quarter and full year Fiscal 2018. The Company expects to continue to benefit from the 2017 Tax Act going forward, primarily due to the lower U.S. corporate income tax rate. As a result of the estimated cash benefit related to the 2017 Tax Act, the Company is taking the following actions:

Associates

  • A one-time, discretionary bonus to eligible, non-bonus-plan Associates, globally
  • An incremental contribution to the Company’s defined contribution retirement plans for eligible Associates in the U.S. and internationally
  • Instituting paid parental leave for eligible Associates in the U.S.
  • Enhancing vacation benefits for certain U.S. Associates

Communities

Made meaningful contributions to TJX’s charitable foundations around the world to further support TJX’s charitable giving – Feb. 28, 2018 The TJX Companies Inc. press release excerpt

Home Depot -- 49 locations in Virginia, bonuses for all hourly employees, up to $1,000.

Lowe's --9,000+ employees at 69 stores in Virginia. Employees will receive bonuses of up to $1,000 based on length of service, for 260,000 employees; expanded benefits and maternity/parental leave; $5,000 of adoption assistance.

Waste Management Inc. (Multiple locations in Virginia) -- $2,000 bonuses:

In light of the meaningful contributions of its employees and the new U.S. corporate tax structure, the company will distribute US $2,000 in 2018 to every North American employee not on a bonus or sales incentive plan; that includes hourly and other employees.

“We are about to get a tax benefit as our U.S. corporate tax rate goes from 35 percent to 21 percent. In considering how to best spend that, we wanted to find a way to help grow our economy, which in turn, will help grow our business, and give some of the tax savings back to those hardworking employees who do not get the opportunity to participate in our salaried incentive plans,” said Jim Fish, president and chief executive officer, Waste Management.

“So, we are offering each North American hourly full-time employee and salaried employee who does not participate in any sales incentive or bonus plan during 2018, a cash bonus of US $2,000 to show our appreciation to so many of our valued employees while growing our business and returning a good portion of the tax savings directly to the overall economy,” he continued. – Jan. 10, 2018 Waste Management Inc. press release excerpt

Ryder (14 locations in Virginia) – Tax reform bonuses.

Cintas (Multiple locations in Virginia) -- $1,000 bonuses for employees of at least a year, $500 for employees of less than a year.

Chipotle Mexican Grill (Multiple locations in Virginia) – Bonuses ranging from $250 to $1,000; increased employee benefits; $50 million investment in existing restaurants.

Apple (Apple store locations in Arlington, Fairfax, McLean, Norfolk, Reston, Richmond, Virginia Beach, Woodbridge) - $2,500 employee bonuses in the form of restricted stock units; Nationwide, $30 billion in additional capital expenditures over five years; 20,000 new employees will be hired; increased support of coding education and science, technology, engineering, arts, and math; increased support for U.S. manufacturing. 

McDonald’s (430+ locations in Virginia) – Increased tuition investments which will provide educational program access for 400,000 U.S. employees. $2,500 per year (up from $700) for crew working 15 hours a week, $3,000 (up from $1,050) for managers, and more:

McDonald’s Corporation today announced it will allocate $150 million over five years to its global Archways to Opportunity education program. This investment will provide almost 400,000 U.S. restaurant employees with accessibility to the program as the company will also lower eligibility requirements from nine months to 90 days of employment and drop weekly shift minimums from 20 hours to 15 hours. Additionally, McDonald’s will also extend some education benefits to restaurant employees’ family members. These enhancements underscore McDonald’s and its independent franchisees’ commitment to providing jobs that fit around the lives of restaurant employees so they may pursue their education and career ambitions.

The Archways to Opportunity program provides eligible U.S. employees an opportunity to earn a high school diploma, receive upfront college tuition assistance, access free education advising services and learn English as a second language.  

“Our commitment to education reinforces our ongoing support of the people who play a crucial role in our journey to build a better McDonald’s,” said Steve Easterbrook, McDonald’s President and CEO. “By offering restaurant employees more opportunities to further their education and pursue their career aspirations, we are helping them find their full potential, whether that’s at McDonald’s or elsewhere.”

Accelerated by changes in the U.S. tax law, McDonald’s increased investment in the Archways to Opportunity Program includes:

  • Increased Tuition Investment:
    • Crew: Eligible crew will have access to $2,500/year, up from $700/year.
    • Managers: Eligible Managers will have access to $3,000/year, up from $1,050.
    • Participants have a choice for how they apply this funding – whether it be to a community college, four year university or trade school. There is no lifetime cap on tuition assistance – restaurant employees will be able to pursue their education and career passions at their own pace. The new tuition assistance is effective May 1, 2018 and retroactive to January 1, 2018.
  • Lowered Eligibility Requirements: Increase access to the program by lowering eligibility requirements from nine months to 90 days of employment. In addition, dropping from 20 hours minimum to 15 hours minimum (roughly two full time shifts) per week to enable restaurant employees more time to focus on studies.
  • Extended Services to Families: Extension of Career Online High School and College Advisory services to restaurant employees’ family members through existing educational partners Cengage and Council for Adult and Experiential Learning (CAEL).
  • Additional Resources: Career exploration resources for eligible restaurant employees to be available later this year.
  • Creation of an International Education Fund: Grants to provide local initiatives and incentives in global markets to further education advancement programs.

“Since its inception, Archways to Opportunity was meant to match the ambition and drive of restaurant crew with the means and network to help them find success on their own terms,” said David Fairhurst, McDonald’s Chief People Officer. “By tripling tuition assistance, adding education benefits for family members and lowering eligibility requirements to the equivalent of a summer job, we are sending a signal that if you come work at your local McDonald’s, we’ll invest in your future.”

After launching in the U.S. in 2015, Archways to Opportunity has increased access to education for over 24,000 people and awarded over $21 million in high school and college tuition assistance. Graduates have received college degrees in Business Administration, Human Resources, Communications, Accounting, Microbiology and more. – March 29, 2018 McDonald’s Corporation press release excerpt

Comcast (Multiple locations in Virginia) -- $1,000 bonuses; nationwide, at least $50 billion investment in infrastructure in next five years.

Starbucks Coffee Company (Multiple locations in Virginia) –$500 stock grants for all retail employees, $2,000 stock grants for store managers, and varying plan and support center employee stock grants. Nationally, 8,000 new retail jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave.

U-Haul (Multiple locations in Virginia) – $1,200 bonuses for full-time employees, $500 for part-time employees.

FedEx (Multiple locations in Virginia) – Accelerated and increased compensation; pension plan contributions:

“FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

  • Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance- based incentive plans for salaried personnel.
  • A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.
  • Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States. – Jan. 26 2018, FedEx press release

Wells Fargo   264 locations in Virginia; Raised base wage from $13.50 to $15.00 per hour; $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.

Note: If you know of other Virginia examples, please email John Kartch at jkartch@atr.org

The running nationwide list of companies can be found at www.atr.org/list

 


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