Congressman Jason Smith stopped at CVS today to discuss how the Tax Cuts and Jobs Act has delivered lower taxes, higher wages and better benefits to employees.
“The Tax Cuts and Jobs Act has been life changing for so many folks,” said Congressman Smith. “In less than four months, this bill has put more money in people’s pockets and helped businesses do even more to support employees and their families. At CVS for example, full time employees are saving money on health insurance and benefitting from a new paid parental leave program.”
Effective this month, as a result of the new tax cuts bill, CVS increased their starting wage for hourly employees to $11 an hour. They also have plans to adjust pay ranges and rates for many of its retail pharmacy technicians, front store associates and other hourly retail employees.
“On top of passing tax cuts that prompted billions of dollars in bonuses and increased wages nationwide, our tax cuts bill also lowers individual tax rates for everyone and keeps more money in Missourians pockets,” said Smith. “If you haven’t looked lately, your paycheck has gone up since this legislation went into effect.”
In addition to higher wages, CVS announced they would not increase employee’s health insurance premiums for the 2018-2019 plan year, and will absorb the entire increase for the 100,000 employees who have enrolled in the company-sponsored health plan. They are also providing four weeks of paid parental leave for full time employees.
“As part of our ongoing commitment to the patients, customers and communities we serve, we said that we would invest our tax savings back into our business, and that’s exactly what we’re doing,” said Larry Merlo, CVS Health president and CEO. “Today, we’re building on the investments we’ve been making in our employees, in their wages, benefits and career development. It’s our employees who drive our performance and we appreciate how hard they work every day to deliver on our purpose of helping people on their path to better health.”
“Not only is CVS taking care of their employees, but they’re looking out for the community and helping combat the opioid epidemic in America,” said Congressman Smith. “I was glad to hear how CVS is working with law enforcement and providing safe drop boxes for old prescriptions that will keep them off the streets and out of the hands of drug abusers.”
Across Missouri’s 8th Congressional District, there are ten CVS stores with 150 employees. Smith’s visit to CVS comes on the heels of the President’s 3rd visit to Missouri in less than a year to discuss the need to provide rural America with tax relief.
Smith’s tax cut legislation was signed into law by President Trump in December 2017. Since then, more than 430 companies nationwide have announced pay raises, bonuses or increased retirement contributions that are benefitting more than 4 million Americans. Furthermore, more than $4 billion in bonuses have been distributed as a direct result of the Tax Cuts and Jobs Act. In addition, all workers, families and farmers are now seeing more money in their pocket as a result of tax rates going down on all individuals.
Congressman Smith is the only member of the Missouri Congressional Delegation on the tax writing committee, The Committee on Ways and Means, and was instrumental in writing and passing the Tax Cuts and Jobs Act. Smith has made multiple stops across the district to meet with folks benefitting from the legislation. Most recently, Smith was at Home Depot in Poplar Bluff and US Bank in Hartville. He also visited the Bank of Advance in Dexter to talk with employees who received $1,000 bonuses as a result of the Tax Cuts and Jobs Act and the AT&T Call Center in Cape Girardeau to hear from employees who received bonuses, higher wages and new employee benefits because of tax cuts.
