Feb 05, 2018

VIDEO | It’s Working in Ohio: Higher Wages, More Jobs, Greater Opportunity

Post by Freedom Partners

“We’re going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans, and we are going to bring back the jobs and wealth that have left our country,” President Trump promised Americans last September. We “will deliver more jobs, higher pay, and lower taxes for middle-class families — for the working man and woman — and for businesses of all sizes,” he added.

Fast forward four short months. Historically low unemployment, the highest wages in nearly a decade, and what The New York Times termed “a wave of optimism” starting to wake up the “animal spirits” of U.S. businesses.

Paired with Trump administration’s bold efforts to dismantle the many Obama regulatory barriers harming opportunity and growth, the historic Tax Cuts and Jobs Act has unleashed billions of dollars in new investments and significant bonuses for millions of hardworking Americans; more take home pay and more jobs.

It’s only the beginning, but it’s happening all across the country in places like Ohio where ordinary workers have long found it tougher to get ahead under the rigged system.

President Trump today will visit Sheffer Corporation, a premier cylinder manufacturing business based in Cincinnati which has awarded $1,000 bonuses to its employees.

U.S. BUSINESSES LIKE THOSE IN OHIO ARE PLEDGING BILLIONS OF DOLLARS IN NEW INVESTMENTS & SIGNIFICANT BONUSES FOR EMPLOYEES DUE TO TAX REFORM

Fifth Third Bankcorp Press Release: “Approximately 75 Percent Of Employees Will Receive A Pay Increase Or Bonus.” “Fifth Third Bancorp announced plans today to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees. The actions are in appreciation for the commitment employees show in supporting customers and building stronger communities. Approximately 75 percent of employees will receive a pay increase or bonus.” (Press Release, “Fifth Third Bancorp Invests In Employees,” Fifth Third Bankcorp. 12/20/17)

  • Fifth Third Bankcorp President And CEO Greg Carmichael: “We Want To Invest In Our Most Important Asset – Our People.” “’We want to invest in our most important asset – our people,’ said Fifth Third President and CEO Greg Carmichael. ‘Our employees drive our reputation, our business and our success.’” (Press Release, “Fifth Third Bancorp Invests In Employees,” Fifth Third Bankcorp. 12/20/17)

First Financial Bancorp Will Raise The Minimum Wage To $15 An hour And Will Make A $3 Million Contribution To Its Newly Established Charitable Foundation. “First Financial Bancorp (Nasdaq: FFBC) will raise the starting wage for all new and existing hourly associates to $15 an hour effective immediately. Additionally, the bank has made a $3 million contribution to its newly established charitable foundation. This announcement comes as a result of the recently passed tax legislation, which includes a reduction in corporate tax rates. First Financial strives to provide fair and competitive salaries and benefits to its associates. Approximately 1,335 associates are employed throughout the First Financial footprint in Ohio, Indiana and Kentucky. The increase will affect 220 of these associates.” (Press Release, “First Financial Announces Pay Increase for Hourly Associates and Major Contribution to Foundation,” First Financial Bancorp, 1/3/18)

Nationwide Insurance Announced It Will Give Employees A $1,000 Bonus As Well As Increasing Their Contributions To Employee 401(k)’s. “Employees of Nationwide Insurance found out Wednesday they’ll be seeing a big bonus and an increase in 401(k) matching from the company. In an email sent to employees, the company announced it will provide bonuses of $1,000 and increase 401(k) matching from 50 percent on the first 6 percent of employee contribution to 50 percent on the first 7 percent of employee contribution. … The company said in a statement the one-time bonus impacts approximately 29,000 front-line associates, managers and individual contributors across the country. The 401(k) action impacts approximately 33,000 associates. Nationwide employs more than 4,000 associates in central Iowa.” (Lauren Donovan, “Nationwide gives big bonuses, credits tax reform,” KCCI, 1/3/18)

Ohio Based Sheffer Corporation Will Give All Of Its Employees A $1,000 Bonus. “U.S. Senator Rob Portman (R-OH) today visited Sheffer Corporation, a premier cylinder manufacturing business based in Cincinnati, to tour the facility, meet with employees, and take part in the announcement of the business’s reinvestment into its workers. Sheffer Corporation announced that all 126 employees will be given $1,000 bonuses with the money the business expects to save as a result of the recently-signed tax reform law.” (Press Release, “Portman Tours Sheffer Corporation as Employees Receive Bonuses After Tax Reform Bill Signed Into Law,” Senator Rob Portman, 1/2/18)

Western & Southern Financial Group Announced It Will Give Full-Time Employees A $2,000 Bonus And Part-Time Employees A $1,000 Bonus. “Downtown Cincinnati insurance giant Western & Southern Financial Group is the latest local company to give its employees bonuses at least partly as a result of the corporate tax cut. And its bonuses are bigger than most. Western & Southern, the $47 billion-in-assets life insurer with real estate and investment units, will give full-time employees a $2,000 bonus. It will give part-time employees a $1,000 bonus. But its bonuses are tied to company performance.” (Steve Watkins, “Western & Southern latest Cincinnati company to hand out tax cut-related bonuses (and these are bigger),” Cincinnati Business Courier, 1/8/18)

Bruns General Contracting Is Investing More Into Its Retirement Benefits For Employees. “U.S. Ohio Senator Rob Portman (R) made a stop in the Miami Valley for his Middle-Class Tax Reform Tour. Portman visited and took a tour of Bruns General Contracting in Tipp City Monday and talked to the employees. The company said it is investing in more equipment and strengthening its retirement benefits because of the money it expects to save in the next tax reform bill.” (Thea Emroll, “Senator Portman visits local business on his Tax Reform Tour,” WDTN, 1/15/18)

Rhinegeist Director Of Distribution Dennis Kramer-Win: “We Get To Reinvest More Money Into What We Do, Into Our Infrastructure And Into Our People,’ … ‘We Get To Keep Hiring And Doing Exciting Things And Stuff For Cincinnati.” “’It’s a big deal.’ That’s what Dennis Kramer-Wine, Rhinegeist’s director of distribution, said Thursday night about the controversial tax legislation passed Thursday by Congress.  The Tax Cuts and Jobs Act will slash the federal excise tax — a tax on a specific item that is administered at a flat rate rather than a percentage — for all breweries, distilleries and wineries. Rhinegeist produces around 80,000 barrels per year and will pay $3.50 on the first 60,000; the remainder will be taxed at $16 per barrel. … ‘We get to reinvest more money into what we do, into our infrastructure and into our people,’ he said. ‘We get to keep hiring and doing exciting things and stuff for Cincinnati.’” (Kristen Swilley,  “Trump tax cuts ‘a big deal’ for small breweries, Rhinegeist manager says,” WCPO, 12/22/17)

View The Full List Of Businesses From Around The Country Announcing Higher Wages, Bigger Paychecks, More Jobs And Billions Of Dollars In New Investments