Portman Tours Columbus Business Announcing New Investments in Equipment After Tax Reform Bill Signed Into Law
Wolf Metals Announced Decision to Invest in New Equipment as a Result of Anticipated Savings From the Recently-Signed Tax Reform Law
COLUMBUS, OH – U.S. Senator Rob Portman (R-OH) today visited Wolf Metals in Columbus as part of his Results for the Middle Class Tax Reform Tour. Wolf Metals is a small, family-run metal manufacturing company that has been operated by the Wolf family for more than four decades. Portman toured the facility, met with employees, and took part in the announcement of the business’ plan to purchase new equipment as a result of the recently signed into law Tax Cuts & Jobs Act. Plant ownership expects employees to get bonuses based on the use of the new and more efficient machines.
“The results of the historic tax cuts have already begun to be reflected in the decisions of Ohio small businesses like Wolf Metals. This will help make a real difference for middle-class families,” said Portman. “Providing tax relief for middle-class families and reforming our business tax code to create more jobs and higher wages is long overdue, and I was proud to play a significant role in helping craft this law. I’m pleased that we’re already seeing a positive response as employers like Wolf Metals invest more in their businesses and their communities. With the kinds of pro-growth reforms in this tax reform law, I expect more and more companies to respond by announcing wage increases, bonuses, higher 401(k) matches, and more investment in plants and equipment. This investment isn’t just important for the company and the workers it employs, but also for their surrounding communities and the economy as a whole.”
“Today, as a result of the new tax reform law, Wolf Metals was proud to announce its plan to purchase new equipment, including a water jet cutter first and then a press brake,” said Jim Wolf, Co-Founder and Owner. “This investment will help our company, help our workers, and help those who rely on us to deliver top-of-the-line product. I want to thank Senator Portman for coming to visit today and for his role in delivering historic tax relief for small businesses like ours who for too long have been saddled with burdensome taxes and over-regulation.”
NOTE: Earlier this week, as part of his tour, Portman visited Sheffer Corporation in Cincinnati, where it was announced new investments in its plants and equipment 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 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 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: