Federal tax reform proving positive for Kentucky’s businesses and employees
Since passing the “Tax Cut and Jobs Act” in December, the first major federal tax reform in 30 years, the U.S. is expected to rise in ranking from 30th to 25th on the International Tax Competitiveness Index, according to the Tax Foundation. The U.S. tax code improvements make the U.S. and Kentucky a more competitive and better place to do business.
A press release from U.S. Senate Majority Leader Mitch McConnell (R-KY) says, “Almost immediately, American businesses began sharing their historic tax benefits with their employees. Already, hundreds of companies — large and small — have announced special bonuses, higher wages, retirement savings contributions and other benefits for their workforces thanks to tax reform. Major corporations like Walmart, Home Depot, Verizon, Disney and Starbucks are sharing the benefits of tax reform. American businesses have also announced plans to build new facilities in America, buy more American products and create more American jobs.”
Many Kentucky businesses have announced improvements being made as a result of federal tax reform, including:
- 2,524 KY employees will receive a $1,000 bonus
- 205,827 employees will receive bonus throughout the U.S.
- AT&T has also committed to $1 billion in investments in the U.S.
- Approximately 3,000 KY employees will receive a $1,000 bonus
- Nearly 60,000 employees will receive bonus throughout the U.S.
- Raising minimum wage of employees to $15/hour
- One-time cash bonus up to $1,000 for eligible employees
- Raising minimum wage of employees to $11/hour
- 29,835 KY employees
- More than 1.4 million employees throughout U.S.
- Expansion of maternity and parental leave benefits
- Benefits for associates adopting a child, up to $5,000 per child
Turning Point Brands, Inc. (based in Louisville)
- 107 KY employees receive a $1,000 bonus
- Employs more than 12,000 Kentuckians
- Raising minimum wage of full-time and part-time employees to $15/hour
- Accelerating pay incentives
- 202 KY employees will receive a $1,000 bonus