Roe Touts Tax Reform Success
WASHINGTON, D.C. – Today, Rep. Phil Roe, M.D. (R-Tenn.) released the following statement after Walmart announced its plan to increase their starting wage for hourly associates to $11 per hour, provide one-time bonuses and expand parental leave benefits for employees as a result of the Tax Cuts and Jobs Act:
“Since before we started debating our tax bill, we said time and again that cutting taxes would result in more jobs, economic growth and greater prosperity for workers. Walmart’s announcement is evidence that this is already happening, and it will directly benefit East Tennesseans. Workers will see higher wages and improved benefits, and customers will see lower prices. It is clear the Tax Cuts and Jobs Act is revitalizing our nation’s economy and creating more jobs, seizing on this once-in-a-generation opportunity to positively change the way businesses operate. I’m thrilled this historic tax relief is helping individuals, families and businesses thrive, and I look forward to seeing more positive benefits of this law in the weeks and months ahead.”
Note: Just last month, First Horizon National Corporation (First Horizon) – which holds a total of 350 branches of First Tennessee and Capitol Bank in the states of Tennessee, North Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia – announced they would give one-time bonuses to “employees who don’t participate in the firm’s regular bonus plans.” First Horizon cited the connection of these bonuses to tax reform. Other employers like Aflac, AT&T, Bank of America, BB&T Corp, Boeing, Comcast NBCUniversal, SunTrust and Wells Fargo have also announced higher wages or bonuses for their employees. In addition, utilities in cities like Baltimore, Chicago, D.C. and others have announced they are taking steps to lower the cost of electricity for their customers in light of the lowering of the corporate tax rate included in the Tax Cuts and Jobs Act.