Portman Tours Cleveland Business Announcing Decision to Increase Investments in Equipment, Hire New Workers After Tax Reform Bill Signed Into Law

January 12, 2018 | Press Releases

Tremco Announced Decision to Increase Investments in Equipment, Hire New Workers, and Reinvest in Employees as a Result of Anticipated Savings From the Recently-Signed Tax Reform Law

CLEVELAND, OH – U.S. Senator Rob Portman (R-OH) today visited Tremco in Cleveland as part of his Results for the Middle Class Tax Reform Tour. Tremco is a company that specializes in the manufacture and sale of roofing materials and services, construction sealants, glazing and gaskets, waterproofing systems, air barrier and fire stopping systems and a host of custom-designed products.  Portman toured the facility, held an employee town hall, and took part in the announcement of the business’ plan to increase and accelerate investments in equipment, hire new workers, and reinvest in its employees a result of the Tax Cuts & Jobs Act.

The historic tax reform legislation the president recently signed into law was created with two goals in mind: cutting taxes for middle-class families and re-opening the American economy as the best place in the world to do business. Just yesterday, the IRS announced updated tax withholding charts to reflect the tax cuts for hardworking Americans, and we continue to see businesses, in Ohio and across the country, reinvest in their workers, operations, or both, as a result of this law. Tremco is another great example of how tax reform benefits businesses small and large—and American workers. Tremco is upgrading their equipment, hiring new workers, and reinvesting in their employees through increased contributions to employee retirement plans. I’m pleased that we continue to see these kinds of positive responses from Ohio businesses as a direct result of this tax reform law, and I believe this is only the beginning.”

NOTE: Last week, as part of his tour, Portman visited Wolf Corporation in Columbus, where it announced plans to purchase new equipment as a result of the recently-signed tax reform law. Plant ownership also expects employees to get bonuses based on the use of the new and more efficient machines. Portman also visited Sheffer Corporation in Cincinnati, where it was announced that new investments in its plants and equipment would be made and that all 126 employees will be given $1,000 bonuses with the money the business expects to save as a result of the recently-signed tax reform law.  Other Ohio-based companies such as Nationwide and Fifth Third Bank, as well as others across the country such as Walmart, Ohio’s largest employer, AT&T, American Airlines, Boeing, Comcast, Sinclair Broadcast Group, Southwest Airlines, Wells Fargo, Jet Blue and others have also recently announced that they are reinvesting in their workers, their businesses, or both as a result of this tax reform law. Portman recently delivered a floor speech discussing the IRS’ announcement of updated tax withholding tables to reflect the tax cuts as a result of this tax reform law and a floor speech detailing how tax reform will help the middle class, boost jobs, and increase wages. A brief summary of the Tax Cuts & Jobs Act can be found here.

Following are photos of the event: