Legislators and business leaders are espousing the residual benefits of tax reform legislation, noting the effort has been profitable for employees.
“In less than eight weeks, we have tracked nearly 350 companies that have handed out bonuses as a result of tax reform,” House Speaker Paul Ryan (R-WI) said. “And we know that there are plenty of other small businesses who are doing the same that are just doing it under the radar.”
Officials said recent survey results reflected confidence among small-business owners just hit a record high, driven by tax reform.
Among the examples cited is Mobile, Alabama-based Xante Corp., a high-end printer and related software provider.
Officials said after enactment of tax reform, Xante CEO Robert Ross distributed $1,200 bonus checks to employees. Ross said the new tax law allows Xante to fund new businesses while leading to a new level of growth within the company.
Officials said each of Citizens Bank of West Virginia’s 66 employees has received a $1,000 bonus.
“There are several ways we will put the tax savings to work for Citizens,” Max L. Armentrout, Citizens board chairman, said. “However, we are most excited about paying this bonus to the great employees we have working at our bank, serving our customers and shareholders.”