Tax Reform benefits Georgia Employers/Employees
Yesterday Georgia Senators Johnny Isakson and David Perdue highlighted a growing number of Georgia businesses and workers who are seeing a positive impact from the historic tax cuts signed into law only seven weeks ago. In alphabetical order here are the companies and a summary of the respective impacts:
Aflac (Columbus, Ga.) – Increased 401(k) match from 50 percent to 100 percent on the first 4 percent of compensation plus one-time $500 contribution to every employee’s 401(k); $250 million increase in overall U.S. investment.
AR-15 Gun Owners of America (Warner Robins, Ga.) – Bonuses and increased salaries for all employees.
AT&T Southeast/BellSouth Telecommunications (Atlanta, Ga.) – Announced it would give more than 200,000 employees a special bonus of $1,000 and invest an extra $1 billion in the U.S.
Carl Black Automotive Group (Kennesaw, Ga.) – Bonuses to more than 500 employees.
Expanded Technologies, Inc. (Marietta, Ga.) – Minimum bonuses of $500 for each employee and extra cash depending on length of service.
Home Depot (Atlanta, Ga.) – Bonuses of up to $1,000 for every hourly employee.
Lockheed Martin Corp. (Marietta, Ga.) – Plans to give $5 billion in cash toward its pensions and increase its commitment to initiatives such as employee training, charitable contributions for education in science and math, and the Lockheed Martin Ventures fund by $200 million.
Mincey Marble (Gainesville, Ga.) – Bonuses of up to $1,000 based on length of service.
Shred-X (Griffin, Ga.) – Plans to use the extra savings from tax reform to buy a new truck and hire a new employee at their company of ten people.
Starbucks Coffee Company (Augusta, Ga.) – Reaffirmed its commitment to add 500 manufacturing jobs at its Augusta, Ga., soluble coffee plant, where a $120 million expansion is planned for 2019; also announced new raises and benefits totaling $250 million and 8,500 new jobs nationwide.
Synovus Financial Corporation (Columbus, Ga.) – $1,000 bonuses to all non-executive employees.
Total System Services (Columbus, Ga.) – $1,000 bonuses for 11,500 employees.
UPS (Atlanta, Ga.) – $12 billion in investments to expand the company’s Smart Logistics Network and increase employee pensions.
Yancey Bros. (Austell, Ga.) – $500 bonuses for 1,200 employees.
About Author
IrishPat
Patrick Malone is a Business Advisor and Leadership Mentor headquartered in Blairsville, Georgia. He co-hosts Mountain Daybreak and Mountain Mornings, weekday news programs, and hosts This Week in Blairsville a weekend program on WJUL/WJRB. He is a mentor in Union County High School, serves on his church council and writes a monthly column on leadership in the animal healthcare industry.
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That is an impressive list.
It would have been equality impressive if congrees had did this with any number of proposed corporate tax cuts sent to the House in the last 6 years or so that didn’t even make it into committee.
I have stated over and over again why this didn’t happen until now. Are you not listening or do you just not believe me?
Oh I know why… and I believe you. It’s because the 24-28 cut was too small, and didn’t include the personal tax cuts. All of which could have been reduced down and added in committee. But the priorities of the House were over turning the ACA, and the priorities of Mitch were not allowing Obama to have anything that looked like a win. Not to mention the Tea Party/ pre-Freedom caucus folks and the Hasret rule would not have gotten the bill passed without Dem help.
My point is congress had no will to pass one until they had a Republican president. That means 6 years where even if we had 24-26% cut and 20% for over seas money to be returned, the country could have recovered faster – when we REALLY needed to recover faster. Ironically, by overlooking the working folks (on both sides) it created a voters gap, which gave the GOP Trump instead of some one like Kasich or Rubio, and the rise of Sanders on left.
Perhaps there is some consumer or industry group that is compiling the way various companies have responded? My guess is that consumers and investors would appreciate knowing, so they could respond per their preferences of “corporate responsibility”.
It’s a great thing what is happening but of course there companies that are taking extreme advantage of the situation also. Perhaps all of these reporting sites should be reporting the best and worst of American companies that are taking advantage of this situation. The company that I work for has taken all their piecework workers off of incentive pay and converted them to hourly pay at roughly half of what they were making. Not exaggerating. I work outside the plant on a different scale and haven’t been affected…..yet. I’ll be retiring soon so I’m not really concerned for myself but my younger coworkers may have problems down the road.