[Congressional Record Volume 164, Number 34 (Monday, February 26, 2018)]
[Senate]
[Pages S1211-S1212]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Tax Reform

  Mr. BOOZMAN. Mr. President, I rise to discuss the impact that tax 
reform is having in my home State of Arkansas.
  Despite what you may have heard from those who opposed the Tax Cuts 
and Jobs Act, including House Minority Leader Pelosi's infamous 
description of the tax plan's benefits as ``crumbs'' and the passage of 
the plan as ``the end of the world, Armageddon,'' the economy is 
responding incredibly well to the changes we made to the Tax Code.
  I have long believed our economy has struggled under the weight of an 
outdated, inefficient, and ineffective tax system. Now, businesses are 
beginning to do the math and are realizing that the Tax Cuts and Jobs 
Act will mean more savings. As a result, many have announced they are 
passing some of these savings on to their employees or will now be 
seeking to grow and expand operations.
  As of today, more than 350 companies have announced pay raises, 
bonuses and/or 401(k) increases, benefiting over 4 million Americans. 
According to a recent National Federation of Independent Business 
survey, 32 percent of small businesses believe now is a good time to 
expand--the highest level ever recorded by this survey.
  This is happening across the country and in Arkansas. Here are just a 
few examples of the companies headquartered in Arkansas, with a sizable 
presence in the State, that are passing along savings to their 
employees through wage increases, bonuses, and other benefits, are 
giving to charity, and/or making investments to grow their businesses 
and better serve customers:
  BancorpSouth Bank is giving pay increases and/or one-time bonuses to 
nearly all noncommissioned employees. The investment of over $10 
million in 2018 will benefit 96 percent of the company's 
noncommissioned workforce. Pay increases were effective as of January 
1, 2018.
  Home Bancshares, Inc., of Conway, AR, is distributing a one-time 
bonus of $500 to more than 850 full-time, tenured employees. Home 
Bancshares' chairman, John Allison, said ``investing in these 
individuals is an important step to help support them, their families 
and the communities in which we operate.''
  People's Bank of Magnolia, AR, provided a $500 bonus to employees and 
contributed $50,000 to its charitable endowment.
  Little Rock, Arkansas-based Bank of the Ozarks is giving up to $1,200 
annual bonuses. Approximately 2,300 employees will be eligible under 
the plan.
  Walmart, whose headquarters is located in Bentonville, AR, is a 
significant economic force not only in our State but nationwide, is 
increasing starting hourly wage rates in the United States to $11 an 
hour, expanding maternity and parental leave benefits, and providing 
one-time cash bonuses of up to $1,000. It also has created a new 
benefit to assist associates with adoption expenses.
  Regions Bank is increasing its minimum wage to $15, contributing $40 
million to the company's charitable foundation, and increasing the 
company's capital expenditures budget by approximately $100 million, or 
50 percent over the 2017 level.
  Springdale, AR, is home to Tyson Foods' headquarters. The company 
recently announced that it is giving bonuses to more than 100,000 
employees whose compensation does not include an annual bonus. Eligible 
full-time team members will receive a bonus of $1,000, and eligible 
part-time team members will receive $500.
  In addition, Tyson will use savings resulting from tax reform to 
improve training and education opportunities for employees, including 
teaching English as a second language and general education development 
classes, and it will also be accelerating capital projects.
  FedEx, whose freight headquarters is located in Arkansas and which 
employs over 3,500 Arkansans, is investing more than $3.2 billion in 
growing its business, including raising wages and investing $1.5 
billion in pension plans.
  Finally, UPS is investing $12 billion to expand the company's Smart 
Logistics Network, and it also made a $5 billion tax-qualified 
contribution to the company's three UPS-sponsored U.S. pension plans. 
This represents about $13,000 per participant. The company has more 
than 2,200 active employees in Arkansas in addition to around 390 
retirees who reside in the State.
  The numbers speak for themselves. Clearly, when Washington helps to 
create an environment that makes businesses more globally competitive, 
it benefits Arkansas, and it benefits the entire country.
  The law is already helping hard-working Arkansans keep more of their 
money in their own pockets. By nearly doubling the standard deduction, 
lowering rates, eliminating loopholes, and creating a climate that 
incentivizes business to boost wages and give employees bonuses as a 
result of the reduction in the corporate tax rate, the Tax Cuts and 
Jobs Act is providing much needed tax relief to Arkansans.
  Additionally, our Governor, Asa Hutchinson, has instructed the 
Arkansas Public Service Commission to examine how the new lower tax 
rates will benefit utility providers in Arkansas. He is encouraging the 
commission to instruct utilities to pass savings down to ratepayers, 
which could mean possible lower utility rates for those in the Natural 
State.
  That is not all. Arkansas-based companies like ArcBest and Murphy USA 
are already reaping the benefits of the new tax system with higher 
revenues and incomes.
  This is only the beginning. I believe we will continue to see 
positive trends and reactions to the tax law that will help grow our 
economy and spur even more investment in Arkansas and across the 
country.
  One provision included in the law that I believe can have an enormous 
impact on average Arkansans is a new incentive for employers to offer 
paid family leave benefits to their employees. Now employers can offer 
12 weeks of paid family leave in exchange for a tax credit.
  My friend and colleague from Nebraska Senator Fischer fought to get 
this idea included in the bill. Thanks to her vision and perseverance, 
families in Arkansas and across the country who most need access to 
this type of benefit will now have that chance. This is just one more 
example of tax reform delivering results that will help the middle 
class.
  I want to reiterate how well tax reform is working for my State. We 
are seeing growth, higher wages, and other positive benefits. Employees 
are getting bigger paychecks and businesses are investing in their 
workforces and

[[Page S1212]]

expanding their operations. Those are not ``crumbs.'' It is ``not 
Armageddon.'' It isn't an attack on working Americans. It is 
opportunity, it is upward mobility, and it is what Americans deserve. I 
am proud to have cast my vote for tax reform.
  Learning about how it is helping our economy and benefiting American 
families just confirms what we predicted would happen if we made 
American businesses more competitive and let average individuals and 
families keep more of what they earn.
  Moving forward, I am committed to ensuring that the changes we made 
to the Tax Code help increase economic activity and spur growth, 
address our national debt, and create jobs. I am confident it will have 
lasting, positive effects on our economy.
  With that, I yield the floor.
  The PRESIDING OFFICER. The Senator from Arkansas.

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