Between a Crumb and a Hard Place

In this NYT story, Bredesen once again falls in line with his party's leaders like Nancy Pelosi and Chuck Schumer in calling the outpouring of employee benefits from Tax Reform 'crumbs.'

“I think they did something which was clever politically, but I couldn’t have swallowed morally, which is I think they threw a few crumbs to the middle class to give these huge breaks to wealthier people and corporations and so on,” Mr. Bredesen said. “And I think I would have called that out as strongly as I possibly could have.” 

For most working families, an extra $1000 goes a long way, but Phil Bredesen continues to demonstrate that he is spectacularly out of touch with middle-class Tennesseans.

Chairman Scott Golden had this to say:

"Phil Bredesen's willful ignorance is staggering when it comes to the overwhelmingly positive results of Tax Reform. We are still one year away from feeling the full impact of the historic tax cuts, but already Tennesseans have seen rising wages, bonuses, and other increased employee benefits. We do not need a Senator who is more loyal to his Party's talking points than the welfare of the people of Tennessee."

 

A list of some companies who have passed on their tax savings to Tennessee employees:

Advance Financial (Multiple locations in Tennessee) – Increase in 401(k) match; increase in profit sharing; increase in charitable donations.

Apple (Apple store locations in Nashville, Knoxville, Franklin, Germantown) - $2,500 employee bonuses in the form of restricted stock units; Nationwide, $30 billion in additional capital expenditures; $1 billion increase in capital expenditures.

AT&T - $1,000 bonuses to 5,520 Tennessee employees; Nationwide, $1 billion increase in capital expenditures. 

Bank of America (Multiple locations in Tennessee) - Tennessee-based employees of Bank of America will receive $1,000 bonuses.

Chipotle Mexican Grill  (Multiple locations in Tennessee) – Bonuses ranging from $250 to $1,000; increased employee benefits; nationally, $50 million investment in existing restaurants.

Cintas Corporation (Multiple locations in Tennessee) - $1,000 bonuses for employees of at least a year, $500 bonuses for employees of less than a year.

Comcast (Multiple locations in Tennessee) - $1,000 bonuses. Nationally, at least $50 billion investment in infrastructure in next five years.

FedEx (Memphis) – commits more than $3.2 billion in wage increases, bonuses, pension funding due to the recent tax cuts. Pay raises, bonus increases, pension plan increases, and at least $1.5 billion in capital expenditures.

First Horizon National Corp. (Memphis) – $1,000 bonuses to 4,000 employees.

HCA (Nashville) - $300 million towards tuition reimbursement and scholarships, expanding family leave, increased capital spending and investments.

Home Depot 39 locations in Tennessee, bonuses for all hourly employees, up to $1,000.

Kroger (Multiple locations in Tennessee) - introducing a program to support continuing education for all part-time and full-time associates following six months of employment. It is also increasing the company match for its 401(k) program to 5 percent, up from 4 percent previously. It is investing $5 million more into a program that aids associates during times of hardship.

Lowe's - 8,000 employees at 60 stores and three distribution centers in Tennessee. Employees will receive bonuses of up to $1,000 based on length of service; expanded benefits and maternity/parental leave; $5,000 of adoption assistance.

McKee Foods (Collegedale) - $1,000 cash bonuses for full-time employees and $500 for part-time employees.

Ryder- (Sixteen locations in Tennessee) – Tax reform bonuses for employees.

Spectrum Adhesives, Inc. (Memphis) - $500 bonuses for employees.

Starbucks Coffee Company (Multiple locations in Tennessee) – $500 stock grants for all  retail employees, $2,000 stock grants for store managers, and varying plan and support center employee stock grants. Nationally, 8,000 new retail jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave. 

U-Haul (Multiple locations in Tennessee) – $1,200 bonuses for full-time employees, $500 for part-time employees.

Unum (Chattanooga) – base wage raise to $15 a hour, creation of paid parental leave, additional $1 million in charitable contributions:

Wal-Mart – 139 stores in Tennessee. Walmart employees are receiving tax reform bonuses of up to $1,000. Base wage increase for all hourly employees to $11; expanded maternity and parental leave; $5,000 for adoption expenses.

Wells Fargo – 18 locations in Tennessee; raised base wage from $13.50 to $15.00 per hour; Nationally, $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.