Senator Debbie Stabenow’s vote against tax reform is starting to catch up with her. After the historic passage of the Tax Cuts and Jobs Act, more than 100 businesses nationwide have already announced bonuses or pay raises for employees. Michiganders locally are feeling the positive impact following announcements from major U.S. companies with a Michigan presence like PNC, Fifth Third Bank, and Bank of America, to name a few.
As Michigan’s middle class continues to see the benefits of this tax bill through more money in their pockets, does Debbie Stabenow really still believe voting against it was the right thing for her state?
For more on the Tax Cuts and Jobs Act’s impact in Michigan and states around the country, see the latest from RNC Research.
Senator Debbie Stabenow Strongly Opposed The Tax Cuts And Jobs Act Despite The Tangible Benefits For Michigan Residents
Senator Debbie Stabenow (D-MI) Voted Against The Tax Cuts And Jobs Act Because She Said It Would Hurt Middle Class Families Bottom Line. "'I've said from the beginning that we need tax reform that makes the tax system simpler, puts more money in your pocket, closes tax loopholes that send jobs overseas and supports small businesses and farms across Michigan. Unfortunately, that isn't at all what this Republican bill does. I voted no because I could not support raising taxes on middle-class families, seniors, and farmers and leaving Michigan families without health insurance to pay for huge tax giveaways for the wealthiest one percent of Americans.'" (Press Release, "Stabenow Statement Following Senate Vote On Republican Tax Bill," Sen. Debbie Stabenow , 12/2/17)
There Are 7,100 AT&T Employees In Michigan. "More than 7,100 AT&T employees working in Michigan as of June 30, 2016." ("Jobs And Economic Support," AT&T, Accessed 1/3/18)
Bank Of America Has 119 Financial Centers In Michigan. ("Michigan," Bank Of America , Accessed 1/3/18)
Fifth Third Bank Announced That It Will Pay More Than 200,000 Employees $1,000 Bonuses . "Fifth Third is yet another company to announce a bonus for employees because of the tax plan. AT&T said earlier Wednesday that it would pay more than 200,000 U.S. employees $1,000 each and increase its capital spending budget by $1 billion." (Liz Moyer, "Wells Fargo, Fifth Third Bancorp Unveil Minimum Wage Hikes After Tax Bill Passage," CNBC , 12/20/17)
- Fifth Third Bancorp Has 2,600 Employees In Michigan. "Fifth Third, which has 190 branches in Michigan and employs almost 2,600 workers in Michigan, said about 75 percent of its employees will receive a pay increase or bonus. Fifth Third is the largest bank in West Michigan, with more than 1,900 employees." (Jim Harger, "Fifth Third Bank Will Raise Minimum Hourly Wage After Trump Signs Tax Bill," Michigan Live , 12/21/17)
PNC Financial Services Has 5 Wealth Management Offices In Michigan. ("Wealth Management And Hawthorn Office Locations," PNC , Accessed 1/3/18)
Commerce Bancshares, Inc. Announced That It Will Offer $1,000 Bonuses To 3,450 Associates, 75 Percent Of The Banks Workforce, That Were Otherwise Not Eligible For Bonuses. "Commerce Bancshares, Inc. announced that following the enactment of the new federal tax reform legislation it will distribute cash bonuses to employees who are otherwise non-bonus eligible and non-commission eligible, totaling approximately 3,450 associates or 75% of the Bank's workforce. A cash payment of $1,000 will be made to all of these full-time employees and a $250 cash payment to all part-time employees employed by the Company on December 31, 2017. Additionally, in 2017, Commerce made a donation of $32 million of appreciated stock to The Commerce Bancshares Foundation (including $25 million in the fourth quarter 2017), which will be to the advantage of the communities we serve." ("Commerce Bancshares, Inc. Announces Employee Bonuses Following Tax Reform Bill," Business Wire , 1/2/18)
- Commerce Bancshares, Inc. Operates 330 Locations Across The Country, Including Missouri And Michigan . "Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services including investment management and securities brokerage. The Company currently operates in approximately 330 locations in Missouri, Kansas, Illinois, Oklahoma, Colorado, Ohio, Tennessee, Texas, Indiana, Michigan, and Iowa." ("Commerce Bancshares, Inc. Announces Employee Bonuses Following Tax Reform Bill," Business Wire , 1/2/18)
Budget and Spending Taxes