In the last 24 hours, there has been more good news spurred on by the Tax Cuts and Jobs Act, passed by Congress and signed into law right before Christmas.
- UPS: Today, UPS announced more than $12 billion in investments to expand the company’s Smart Logistics Network, significantly increase pension funding, and position the company to further enhance shareholder value.
- Lowe's: Also today, Lowe's announced it would provide bonuses for more than 260,000 hourly employees and expand its benefits package.
- Cigna: Yesterday, Cigna announced it would raise their minimum wage, provide $15 million in salary raises, add $30 million to the 401k program, and make additional investments to its foundation.
- Thermo Fisher Scientific: And finally, Thermo Fisher Scientific announced yesterday it will make investments totaling $50 million in its people and the U.S., including $34 million for a $500 bonus for its 68,000 employees and $16 million to invest in R&D and STEM programs.
All of these companies credited the new tax reform law for these actions that will benefit their employees and the United States.
Yesterday, a new Monmouth poll came out showing the favorability of the tax reform law is way up. In December, 26% of Americans approved of the bill and 47% disapproved. But now 44% approve and 44% disapprove. That’s a swing of 21 points.
Americans are really starting to get it. That’s in large part because the benefits of tax reform are being heard, seen, and felt by Americans around the country. The poll also dived into those Americans who believed their taxes would go up: “Perhaps more importantly, fewer Americans (36%) believe that their own federal taxes will go up under the plan than felt the same when the bill was in its final legislative stages last month (50%).”
The reality is even better. When the Treasury Department instructed the IRS to activate the new withholding tables, it estimated that 90 percent of wage-earners will experience an increase in their take-home pay. So more good news is coming for Americans across the country.