The full economic effects of tax reform will take years to play out, but it is already making a meaningful difference for America’s workers, families and communities. Immediate benefits of the tax law include increases in wages and benefits for workers, expansion of capital expenditure plans, and investments in workforce training and philanthropy.
For example, Business Roundtable member companies have announced the following because of tax reform:
- Larger compensation or benefits for over 2.2 million employees;
- At least $1.95 billion in cash and stock bonuses, benefitting over 1.1 million employees;
- $7.3 billion in contributions to pension funds for 2018;
- Expanded 401(k) retirement benefits, increased medical and family leave benefits, and higher levels of profit-sharing for employees;
- Over $84 billion in capital expenditure plans over the next five years;
- The creation of tens of thousands of new American jobs;
- Monthly utility bill savings;
- More investments in workforce training; and
- $1.4 billion in charitable donations.