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More good tax cut news; Tim Kaine hardest hit

Garren Shipley - February 1, 2018

Tim Kaine can’t be happy with this. Today brought another round of good news from the Tax Cuts and Jobs Act, including bonuses and more investments for the more than 300 employees at Thermo-Fisher Scientific’s Middletown location in the Shenandoah Valley. Find more details about these bonuses, higher wages, and investments below.
 

As you cover these announcements, please consider the following quote from me:

“Today’s announcements come just as Virginians are starting to see more money in their paychecks thanks to Republican tax reform efforts. Tim Kaine voted against every raise, every bonus, every improved benefits, and every new job created by this law. No wonder he looked so upset at the State of the Union.” — Garren Shipley, RNC spokesman 
 

Background:

Thermo Fisher Scientific:

"Thermo Fisher Scientific Inc. the world leader in serving science, will make additional investments totaling $50 million as a result of the benefit of recently enacted Federal tax reform legislation in the U.S. This investment includes:

  • $34 million for a one-time bonus of $500 to be paid to each of the company's approximately 68,000 eligible non-executive employees globally
  • $16 million to accelerate key breakthrough R&D programs and also to increase the impact of the company's sustainability initiatives and philanthropic activities in support of STEM (Science, Technology, Engineering and Math) education."   
 
UPS today 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 shareowner value.
 
“This $12 billion investment program is an outgrowth of the opportunity for tax savings created by the Tax and Jobs Act,” said David Abney, UPS Chairman and Chief Executive Officer.  “We will increase network investments and accelerate pension funding to strengthen the company for the long term, so that we maximize the benefit to our global customers, employees and shareowners.”
 
 
"Lowe's confirmed Thursday it plans to pay out one-time bonuses and sweeten benefits, saying it expects the impact of new tax law to be positive for its business in 2018."
 
"The home improvement retailer is giving more than 260,000 hourly employees bonuses of up to $1,000 and will expand benefits packages — adding adoption assistance and paid parental leave — in the wake of new tax legislation, CNBC reported on Wednesday. The bonus amounts will be based on a worker's length of service."
 
 
"In a statement released Wednesday, the health insurer said 'the net financial benefits of United States tax reform will allow the company to further accelerate investments in our employees, our capabilities and our customers, clients, partners, and communities.’"
 
Cigna said it would establish a minimum wage of $16 an hour, 'substantially exceeding the national minimum wage in the United States as well as the hourly rate paid at many global corporations.’"
 
"Higher-paid Cigna employees would get raises, too. The insurer said it would increase its payroll by more than $15 million, and spend another $30 million on its 401(k) program. The company said it will provide an additional 1 percent match to employee contributions to the retirement fund this year, a move that would benefit the retirement accounts of more than 30,000 employees.”

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