Dressed for (Economic) Success: Children’s Clothing Company Carter’s Increasing Benefits, Giving Bonuses to Employees Because of Tax Cuts and Jobs Act
WASHINGTON, D.C. – Children’s clothing company Carter’s Inc. is spending $20 million to increase employee retirement plan contributions and give bonuses for full and part-time workers because of Republicans’ efforts to reform our vintage tax code with the passage of the Tax Cuts and Jobs Act.
Republicans weren’t kidding around when they said tax reform would produce big results for our economy, as Carter’s now joins the over 400 other companies and counting that are announcing pay raises, over $3 billion in bonuses, better benefits, and more hiring for over 4 million Americans because of the Tax Cuts and Jobs Act.
While the Democrats are lying with their pants on fire claiming the benefits of the bill are only extra small, American workers and small businesses owners aren’t buying what they’re selling, as now a majority of Americans approve of this bill and small businesses are expressing record levels of confidence due to tax reform.
Wool Democrats finally admit they were wrong?
For the knit-ty gritty of Carter’s full announcement, click here or see below.
To see the growing number of companies increasing wages, investments, jobs, and bonuses because of the Tax Cuts and Jobs Act, click here.
Atlanta Business Chronicle: Tax reform payday: Kid’s clothing giant Carter’s giving bonuses, boosting retirement funds
Children’s clothing giant Carter’s Inc. (NYSE: CRI) said Tuesday that thanks to “the significant and unexpected benefit in 2017 of the historic tax reform legislation,” the company will spend $20 million to increase employee retirement plan contributions and give bonuses for eligible full-time and part-time employees.
The company said it expects a total net benefit of $40 million related to the enactment of the Tax Cuts and Jobs Act of 2017, of which about half will be invested in brand marketing and improved eCommerce capabilities.
“The Tax Cuts and Jobs Act of 2017 is expected to have a significant and positive impact on our Company’s future earnings, cash flow, and ability to invest in its growth strategies,” said Michael D. Casey, Carter’s chairman and CEO, in a statement.
Numerous other U.S. and Georgia-based companies have announced they will give employees bonuses and boost retirement contributions thanks to tax reform.
Carter’s said it plans cash bonuses to full-time and part-time global employees with one year of service, with full-time employees receiving a bonus of approximately 5 percent of base salary and part-time employees receiving approximately $100 per year of service with the company. The company’s leadership team will not receive these special bonuses.
Carter’s also said it will make a 100 percent match of employee voluntary contributions to company-sponsored retirement programs. Read the full announcement here.
As of the end of 2016 , Carter’s had approximately 18,300 employees globally.