By Sens. Johnny Isakson and David Perdue
The tax cuts passed by the U.S. Senate and signed into law by President Donald J. Trump are already having a positive impact across the country. Businesses are investing in our economy again. More than 3 million Americans have received bonuses. Wages are rising at their highest rate in eight years.
Here in Georgia, we are seeing this positive impact firsthand.
In Marietta, Expanded Technologies, Inc., is giving a minimum bonus of $500 to every employee. Lockheed Martin is increasing its employee training initiatives and charitable contributions by $200 million, and the company is contributing an additional $5 billion toward employee pensions.
Carl Black Automotive Group in Kennesaw is giving bonuses to more than 500 employees.
Family-owned and operated Shred-X Corporation in Griffin is purchasing new equipment and hiring a new employee for its 10-person shop.
In Austell, Yancey Brothers, a heavy construction equipment dealer, is giving $500 bonuses to 1,200 employees.
The Starbucks plant in Augusta is creating 500 new manufacturing jobs and announcing a $120 million expansion as part of an overall increased investment in America that will generate thousands of jobs.
In Columbus, multiple businesses are taking positive action because of these tax cuts and pro-growth changes to the overall tax code.
AFLAC announced it is increasing its overall U.S. investment by $250 million.
Synovus Financial Corporation is giving $1,000 to all non-executive employees.
Total System Services (TSYS) Payment Solutions is giving $1,000 bonuses to more than 11,000 employees in Georgia and other states.
Meanwhile in Atlanta, Home Depot is giving a bonus of up to $1,000 to every hourly employee, including those in its Georgia-based stores.
UPS is also increasing employee pensions for its employees in Georgia and nationwide and expanding its overall investment in the United States by $12 billion.
AT&T and Bellsouth Brands are giving more than 200,000 employees a $1,000 bonus and increasing overall investment in the U.S. by $1 billion.
SunTrust is increasing its base wage to $15 per hour. Additionally, it is raising wages by merit, expanding its overall U.S. investment in community grants by $50 million, and making additional 401(k) contributions.
Mincey Marble in Gainesville is giving bonuses of up to $1,000. Donna Mincey, Mincey Marble CEO, put it this way: “Companies big and small are passing along tax savings to the workers who help build our economy.” She added that these tax cuts are “the kind of meaningful change that can help transform communities by bringing relief to American workers and families.”
Donna Mincey is exactly right. President Trump ran on changing the direction of our country and making us more competitive with the rest of the world. We are committed to working with him to accomplish this goal, and these tax cuts are a formidable step.
Read the full op-ed in Atlanta Business Chronicle.
CNBC Small Business Survey: 46% say tax reform is positive for business CNBC Small Business Survey: 46% say tax reform is positive for business
Small-business confidence is surging in 2018 as optimism rises among small-business owners about the newly enacted tax-reform package, according to the latest CNBC/SurveyMonkey Small Business Survey, released Tuesday.
The CNBC/SurveyMonkey Q1 Small Business Confidence Index saw an increase of five points, from 57 to 62, a record high and the largest quarter-to-quarter move the index has seen since CNBC and SurveyMonkey began measuring last year. This is the first survey since President Donald Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017.
Read more at CNBC.
A rising number of Georgia businesses and workers are feeling the positive impact of the historic tax cuts that became law last year.
- Aflac (Columbus) increased its 401(k) match to 100% on the first 4% of compensation and made a one-time $500 contribution to every employee’s 401(k). it also announced an increase in its overall U.S. investment by $250 million.
- AR-15 Gun Owners of America (Warner Robins) announced salary increases and bonuses for all employees.
- AT&T Southeast / BellSouth Telecommunications (Atlanta) announced that over 200,000 employees are getting a $1,000 bonus and that its investing $1 billion more overall in the United States.
- Carl Black Automotive Group (Kennesaw) announced bonuses for over 500 employees.
- CMC (Stephens County) announced $1,000 bonuses for all employees.
- Expanded Technologies (Marietta) announced a minimum bonus of $500 for every employee.
- Home Depot (Atlanta) announced a bonus of up to $1,000 for every hourly employee.
- Lockheed Martin Corp (Marietta) announced it plans to put $5 billion toward its pensions and that it’s increasing its investment in employee training, charitable contributions, and the Lockheed Martin Ventures fund by $200 million.
- Mincey Marble (Gainesville) announced it’s giving bonuses of up to $1,000 to every employee.
- Shred-X (Griffin) announced it’s hiring a new employee and purchasing new equipment.
- Starbucks is headquartered in Seattle but has a plant in Augusta. That plant is getting 500 new jobs and a $120 million expansion.
- SunTrust Banks, Inc (Atlanta) is raising its base wage to $15 per hour, investing an additional $50 million in community grants, and making additional 401(k) contributions.
- Synovus Financial Corporation (Columbus) announced it’s giving a $1,000 bonus to all non-executive employees.
- Total System Services (Columbus) announced it’s giving a $1,000 bonus to over 11,000 employees in Georgia and other states.
- UPS (Atlanta) is making a $12 billion investment to expand its Smart Logistics Network and to increase employee pensions.
- Yancey Bros. (Austell) announced it’s giving a $500 bonus to 1,200 employees.
Nationally, over 3 million Americans are getting bonuses and wage increases. Over 260 American businesses have announced they’re taking positive action because of these tax cuts. Read more here.
Last night, President Donald J. Trump delivered his first State of the Union address. Here are five key takeaways:
- Trump’s agenda is working. The historic tax cuts and regulatory relief are beginning to work and our economy is turning around.
- Fixing our immigration system. President Trump is showing real leadership get something done to fix this broken system.
- Moving at a business pace. President Trump is going to apply his successful, on time & under budget track record to rebuilding our infrastructure.
- Leveling the playing field. Free trade is critical for our economy, but it has to be fair.
- Investing in the military, reengaging with the world. President Trump is committed to working with our allies and protecting our homeland.
This was an optimistic message that all Americans needed to hear.
Together, we will build a Safe, Strong, and Proud America.