Earlier this week, Mill Steel Co. became the latest example of a company in West Michigan to issue $1,000 bonuses to employees because of tax reform.
The Grand Rapids Business Journal reports:
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A local steel distributor is issuing bonuses to its employees after the recent federal tax overhaul. Grand Rapids-based Mill Steel Company said today it will give a one-time $1,000 bonus to all 400 of its full-time employees, “following the tax cut passed by Congress and signed by President Donald Trump.” “When afforded an opportunity like this, we are delighted to invest back into our hard-working associates,” said David Samrick, CEO and chairman, Mill Steel. “As a result, we anticipate increased efficiencies across all operations.”
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Since the Tax Cuts and Jobs Act was signed into law in December, Fiat Chrysler, Lowe's, Starbucks, Fifth Third Bank, CVS, Best Buy, Waste Management, and Chipotle are all examples of companies with employees in West Michigan that have increased wages, announced bonuses, or expanded benefits as a direct result of tax reform. Additionally, both DTE and Consumers Energy have announced rate cuts of approximately 3% that will save consumers a projected $390 million in 2018 alone.
