Perdue: Growing Number Of Georgia Workers & Businesses Benefiting From Tax Cuts

| April 9, 2018

From the Office of David Perdue:

ATLANTA, GA – U.S. Senator David Perdue (R-GA) highlighted additional businesses in Georgia that have announced employee bonuses, wage hikes, or 401(k) match increases as a result of the historic tax cuts signed into law in December.

American Proteins, Inc. (Cumming, GA) – $1,000 bonuses for 700 employees. Read more here.

“President Donald Trump and the Republican Congress have reduced taxes for businesses and individuals and I’m excited about what this means for our company and its employees.” –Tommy Bagwell, American Proteins Chairman and CEO

Carter’s (Atlanta, GA) – Bonuses of approximately 5% of base salary for full-time employees and $100 per year of service for part-time employees; increased 401(k) matches. Read more here.

“The Tax Cuts and Jobs Act of 2017 is expected to have a significant and positive impact on our Company’s future earnings, cash flow, and ability to invest in its growth strategies. In 2018, we plan to reinvest approximately half of the $40 million benefit from the lower corporate tax rate in brand marketing and improved eCommerce capabilities. Given the significant and unexpected benefit in 2017 of the historic tax reform legislation, we are also announcing today that our Board of Directors has approved $20 million in special compensation awards to all of our Company’s eligible full-time and part-time employees provided through enhanced retirement plan contributions and bonuses.” –Michael Casey, Carter’s Chairman and CEO

CMC of Georgia, Inc. (Toccoa, GA) – Bonuses of up to $1,000. Read more here.

“We think that changes in taxes and tax law all have positives, and we wanted to get in the front by sharing it with our employees.” –Mathew Marty, CMC President

Cox Enterprises (Atlanta, GA) – Bonuses of up to $2,000 for non-executive employees. Read more here.

Georgia Power (Atlanta, GA) – $330 million in direct credits to consumers in 2018 and 2019. Read more here.

“We are committed to offering the highest customer value with rates below the national average, and we’re pleased to be able to continue to pass the benefits of the new tax laws on to our customers.” –Paul Bowers, Georgia Power Chairman, President, and CEO

Southwire (Carrollton, GA) – $1,000 bonuses for full-time employees and $250 bonuses for part-time employees; expanding parental leave policy; establishing a scholarship program for hourly employees seeking to further their education. Read more here.

BB&T Corporation (94 locations in GA) – $1,200 bonuses for 27,000 associates; raising minimum wage from $12 to $15 per hour; donating $100 million to charitable organizations. Read more here.

“Overall, BB&T’s Executive Management team believes the successful passage of tax reform is very encouraging news that should move BB&T, the financial services industry and the U.S. economy in the direction of stronger growth.” –BB&T Press Release

Best Buy (37 stores in GA) – $1,000 bonuses for full-time employees and $500 bonuses for part-time employees; donating $20 million to support teen tech centers and Geek Squad academies across the country. Read more here.

Fifth Third Bancorp (33 locations in GA) – $1,000 bonuses for 13,500 employees; raising minimum wage to $15 per hour. Read more here.

Lowe’s (63 stores and 4 distribution centers in GA) – $1,000 bonuses for 260,000 hourly employees; expanding parental leave and adoption assistance. Read more here.

Regions Bank (124 locations in GA) – Raising minimum wage to $15 per hour; making $40 million in charitable donations; investing $100 million in capital expenditures. Read more here.

Ryder (31 locations in GA) – $23 million in bonuses for 31,000 employees. Read more here.

TJX Companies, Inc. (50 stores in GA) – Bonuses for eligible, non-bonus plan associates; instituting paid parental leave; making contributions to charitable organizations; planning to repatriate more than $1 billion in cash in FY2019. Read more here.

“We are pleased to be utilizing the cash benefit from the 2017 Tax Act to make incremental investments in our Associates, our communities and shareholder distributions. Apart from the tax-related cash benefit, we plan to continue to re-invest in the business, including store growth, supply chain and infrastructure, technology, training our Associates, and upgrades to the shopping experience for customers. We are pleased to be in a position to do all of this while continuing to deliver great value to our customers and shareholders!” –Ernie Herrman, TJX Companies President and CEO

U-Haul (18 locations in GA) – $1,200 bonuses for full-time employees and $500 bonuses for part-time employees. Read more here.

“To comply with the intent of the President’s tax reduction, we are investing an additional $200 million in personnel, tools and facilities. I have the opportunity to travel to locations across the U-Haul system, and I see the swell of confidence in the U.S. economy and in the American consumer. Tax reductions lead to job growth, and jobs offer people increased mobility and the option to seek better opportunities for their families. These are positive indicators for U-Haul, the self-move and self-storage industry, and the economy as a whole.” –Joe Shoen, U-Haul Chairman

Walmart (189 locations in GA) – Bonuses of up to $1,000 based on length of service; raising base wage from $9 to $11 per hour; expanding parental leave benefits. Read more here.

“Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.” –Doug McMillon, Walmart CEO

Wells Fargo (259 locations in GA) – Raising minimum wage to $15 per hour; donating $400 million to charitable organizations. Read more here.

View other Georgia-based businesses benefiting from tax cuts here.

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