Prior to the passage of historic tax reform legislation in 2017, the retail industry paid one of the highest effective tax rates of all industries. Long-time advocates for reform, retailers fought for legislation that would allow them to create jobs, increase investments in their communities, and ease the burden on consumers. In fact, it was one year ago today that RILA led a group of retail CEOs to the White House to talk tax reform with newly-elected President Trump. Now, with meaningful tax reform finally a reality in the U.S., retailers are making good on their word.
Just a few months after the president signed the Tax Cuts and Jobs Act, several retailers have already made announcements regarding wage increases, expansion of benefits, and bonuses for employees. Below are a few highlights.
"Apple commits to contribute over $350 billion into US economy over the next five years" – The Verge
to hike wages, introduce paid parental leave with windfall from new tax law”
"Lowe's to give some employees bonuses of up to $1,000 and expand benefits due to tax reform" - CNBC
In addition to highlighting the benefits of the historic tax reform legislation, these commitments signal retailers' ongoing investment in their workforce and showcase retail as an industry of opportunity for employees at all career stages.
To learn more about retailers and tax reform, visit here.