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United States : Toledo Blade Editorial Board: The Tax Cuts Seem to Be a Home Run.

The Toledo Blade editorial board today called the new tax reform law, which Senator Portman helped craft, a home run. Ohio companies are responding to the new law with more investment in plants and equipment, wage increases, bonuses, higher 401(k) matches, and more. This is exactly what Senator Portman and others had in mind when they enacted long-overdue tax reform legislation designed to encourage more economic growth, investment and more money in the pockets of Ohio families.

Some 2 million U.S. workers have received bonuses, or pay raises, or 401(k) matches from 130 companies, including Walmart, AT&T, American Airlines, PNC Financial, and Nationwide. In most cases, the corporations CEOs have said they were responding to President Trumps tax cuts.

House Minority Leader Nancy Pelosi has called these bonuses crumbs. But most of the cash ones have been $500 to $1,000. And Chryslers announced bonuses will be $2,000, which to most Americans is not chump change.

Under President Barack Obama, the growth rate of the economy was an anemic 3 percent. Many, many Americans have not seen a raise in years, forget about bonuses or booming 401(k)s.

Meanwhile, Chrysler has announced that it is bringing a plant back from Mexico to Warren, Mich. investing $1 billion and creating 2,500 jobs. Chryslers chairman and CEO Sergio Marchionne expressly said it was because of Trump trade policies and the new tax code, which Sen. Rob Portman has long staunchly maintained would stop the flight of U.S. manufacturing to foreign counties. In fact, Mr. Portman said it would reverse the migration of manufacturing jobs. We now have some strong evidence that he was right.

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Publication:Mena Report
Date:Jan 22, 2018
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