America is open for business.
New data released by Swiss global financial services firm UBS shows business confidence is high, with 79 percent of companies in favor of the GOP tax reform package and 68 percent claiming they’re already seeing the benefits.
According to the report, economic, market, and business outlooks have all risen from last year. UBS attributes the improved business climate to Republicans’ major 14-point corporate tax cut, as well as the Trump administration’s regulation-reduction and expected infrastructure investments.
“Optimism soars after tax reform,” read the UBS notice. “Business owners look to infrastructure for the next leg of growth,” a reference to the president’s anticipated announcement of infrastructure spending at Tuesday night’s State of the Union address.
UBS, which has been following sentiment at businesses with an average annual revenue of $3.5 million, published the highlights of their findings.
Economic, market, and business outlook all increased by double digits. Business outlook was at an impressive 87 percent positive.
Of the companies surveyed, 36 percent said they plan to hire more, versus just 14 percent that plan to cut jobs.
A full 72 percent believe the tax bill will help the economy, and another 72 percent approved of the Trump administration’s reform of the nation’s regulatory system.
A month since President Trump signed the historic tax reform legislation, 68 percent of businesses said they’re already seeing benefits.
Companies have responded to the favorable business environment with higher wages, handsome bonuses, and increased capital investment.
At least 3 million Americans at 265 companies are receiving bonuses of as much as $3,000. Among the giants to give back to their employees are FedEx, Home Depot, and Walmart.
FedEx announced last week that it would put $200 million towards workers’ wages, $1.5 billion toward pension plans, and $1.5 billion toward expanding its facilities and creating jobs.
Walmart is raising its base wage. Like Home Depot, the nationwide retailer is giving its US employees a $1,000 cash bonus.
House Minority Leader Nancy Pelosi (D-CA) called the raises and bonuses “crumbs.”
President Trump has made running a business in America great again.