Suit-Kote Corporation, a Cortland paving company, is giving its 800 employees a raise and retirement bonus, which the company attributes to the GOP tax plan. According to Syracuse.com, Suit-Kote President and CEO Frank Suits Jr. announced Thursday, February 22, that employee salaries would increase by $1,400 on average. The company would also be increasing its 401K contributions by $1 million.
“The company now has an incentive to invest in our equipment, to invest in our facilities, to grow our business, and most importantly, Suit-Kote has the opportunity to invest in the people of the company,” said Suits.
Suits, who attributes the wage increase to the GOP tax plan, announced the company’s financial news to the media while standing alongside Republican U.S. Representative Claudia Tenney. Tenney was an early supporter of the GOP tax plan, cut corporate taxes by 14% and eliminated many tax deductions.
Although a majority of Americans opposed the tax plan as of December 2017, according to national surveys, Tenney and Suits say the national media misrepresented the GOP tax plan. Media accounts of the tax plan, Tenney says, are negative and false.
Tenney also says that other companies in the 22nd District of New York will be seeing an increase in wages due to the new tax plan. “You hear it’s in the pipeline and you hope it’s going to happen, but you don’t know how much it’s going to be,” said Suit-Kote employee Louis Morgan in regards to the raises. “I’m definitely looking forward to it.”
Morgan says he’s going to save the money earned from raise and possibly take a vacation, a common decision among many Americans when they get the chance. In fact, as many as 52% respondents to a recent worldwide survey reported that they planned to vacation at the beach within the next 12 months.
Paul Walts, another Suit-Kote employee, has been working as a dispatcher with the company for up to 14 years. Walts says he plans to use his raise to help pay for his three children’s college education.
The new GOP tax plan went into effect earlier this year. Tenney says the fight to get the bill passed through Congress wasn’t an easy one.