[Congressional Record Volume 164, Number 17 (Wednesday, January 24, 2018)]
[Senate]
[Page S478]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. McCONNELL. Mr. President, the rising tide of economic optimism I 
have been highlighting on the floor is not showing any signs of 
subsiding.
  Yesterday alone, three of the Nation's largest companies announced 
major new investments in the U.S. economy and workforce. Each said that 
their decisions were made possible by the improved business climate 
created by the landmark Tax Code overhaul that Congress passed last 
year.
  First, Verizon announced plans to invest a chunk of its tax reform 
savings right back into its employees. Next month, about 155,000 
Verizon workers, including senior management, will receive stock 
bonuses valued around $2,500. Additional savings will also go to 
expanded philanthropy and infrastructure investments right here in 
America.
  Further, the Walt Disney Company announced a new investment of at 
least $175 million in its U.S. workforce. Over 125,000 employees will 
receive cash bonuses, and Disney will invest $50 million in an employee 
education program designed to help hourly employees access higher 
education and vocational training.
  JPMorgan Chase announced a $20 billion, 5-year comprehensive 
investment plan to support economic growth and American workers. That 
plan includes permanent raises for 22,000 employees, hundreds of new 
bank branches across the country, thousands of new jobs, expanded 
philanthropy, and an increase in loans for affordable housing and small 
business development.
  Just this morning, Starbucks has announced it is permanently raising 
pay and conferring new benefits, like one-time stock bonuses and 
expanded paid leave. This major investment in its U.S. workforce will 
affect more than 150,000 employees.
  So the good news about tax reform and its benefits is rolling in 
almost faster than I can keep up with it. In retrospect, the surprise 
here is not that this tax relief has boosted the American economy; the 
real surprise is that those who opposed tax reform didn't see it 
coming.

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