During an interview on CNBC’s Squawk Box, Senator Portman discussed how the Tax Cuts & Jobs Act, signed into law last month, is already paying dividends for Ohio’s workers. Portman, who played a key role in passing the historic tax cuts that will help the middle class, create jobs, and boost wages for American workers, highlighted how numerous Ohio businesses, such as Sheffer Corporation in Cincinnati where he visited earlier this week, have already announced bonuses for their workforce and new investments in their plants and equipment.

Excerpts of the interview can be found below and a video can be found here.

PORTMAN ON THE POSITIVE RESULTS OF TAX REFORM

I’m seeing people getting some better paychecks. Yesterday I got news that another small business in Ohio wants me to come visit them tomorrow. On Tuesday I was at a small manufacturer in Cincinnati. In both cases these are small companies but companies that are excited about the tax relief and they’re giving their employees bonuses, they’re putting more in 401(k) plans, in one case their giving more to charity, so it’s happening. Nationwide, in Ohio, yesterday announced that they are going to move forward with bonuses as well and provide more for their 401(k)s. People are excited about that, and as you and I have talked about before, that in combination with the middle-class tax cuts is really important. But I think it’s overshadowed by the fact that you will actually have businesses moving production back to America. I’ve talked to a number of CEOs over the past several months about tax reform as it relates to international business—they can now be competitive here in America, and foreign companies will be investing more here in America. To me, that’s the even bigger story. I know you’ll cover it when it happens but I think you’ll see some big news coming up as to companies that are literally moving factories from overseas back to the United States.

“I think these announcements [of bonuses] are making it more real for people. They can see it’s happening in the way that some of us have talked about, but proof is in the paycheck, too. So I think come February when people see their withholdings change, in other words when they look at their paycheck and see that Uncle Sam is taking less out of their paycheck and more is going into the family budget, I think that will be a big difference for people. Folks are skeptical about Washington in general right now and I get that, but it is real middle-class tax relief and it will affect people’s bottom line, so I think that will be important. And as I said, when you start to see bigger moves, and what I’m talking about is companies that are invested in Ohio now saying they’re going to put more money into Ohio, they’re telling me that because the lower rates and the expensing and so on makes it better to put investment in America rather than in Japan or China or Germany. I think you’re going to see that as well.”

PORTMAN ON WHAT HE IS HEARING FROM OHIOANS ON TAX REFORM

When I go to the grocery store, which I did a lot over the last week or so, and to the gas station, people just say thanks. I went through the TSA line yesterday and the TSA guy said ‘thanks for my tax cut.’ So I think people are starting to see it. What I’ve said all along is go check it out for yourself. Don’t take my word for it. Go to JCT.gov, which is the Joint Committee website which is a nonpartisan group. Go to a tax calculator, the Washington Post has one, others have one. Figure it out for yourself.”

###