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3M Joins Long List of Companies Benefiting From Tax Reform

"3M, in the groove as global economy thrives, raises outlook on tax-law gains." The accelerating global economy lifted 3M Co.'s sales and profits past expectations, and executives on Thursday raised their outlook for 2018, in part because of future savings that are expected from the new federal tax law. *** 3M said its tax rate under the new "Tax Cuts and Jobs Act" will fall to 20 percent to 22 percent in 2018, down from a prior rate of 26 percent to 27 percent. Executives said they will use the savings to boost returns for shareholders, increase pension reserves and to invest in...

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Stephen Moore on Why Tax Reform Matters: Do You Have a Story?

At our first quarterly lunch forum of 2018 we will discuss a topic that impacts us every day: Taxes. The recent tax reform law is just beginning to take effect, so what changes can we expect? Stephen Moore, a Heritage Visiting Fellow and a Senior Economic Adviser to Donald Trump’s presidential campaign, will walk us through the Tax Cuts and Jobs Act and what it means for you. In an op-ed for The Washington Times, Moore laid out “Why taxes matter after all”: With the recent Walmart announcement of an increase in their starting wage, there are now more than 100 companies that...

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Thousands of Minnesotans Get Bonuses and Pay Hikes Thanks to Tax Cuts [UPDATED]

UPDATE (1/25/18): The list of Minnesota companies sharing the financial benefits of the Tax Cuts and Jobs Act with their employees and communities just got longer with the addition of four more firms, big and small.  St. Paul-based Ecolab will cut a $25 million check to its charitable foundation, while also predicting strong growth in 2018 and beyond. In response to the passage of the new U.S. tax law, Ecolab announced its intent to make a $25 million contribution to the Ecolab Foundation. Since 1986, the Ecolab Foundation has contributed more than $100 million to communities in which we do business by providing basic needs, including hunger...

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Why Did Amazon “Snub” the Twin Cities?

We wrote about Amazon's plans for a massive second corporate headquarters, and the Twin Cities' bid to be considered for its location, here, here, here and here. The last linked post, dated last Thursday, followed Amazon's announcement of the 20 finalists for the project. The Twin Cities didn't make the cut. The finalists were Atlanta, Austin, Boston, Chicago, Columbus, Dallas, Denver, Indianapolis, Los Angeles, Miami, Montgomery County, Md., Nashville, Newark, New York City, northern Virginia, Philadelphia, Pittsburgh, Raleigh, Toronto, and Washington, DC. Now Star Tribune business columnist Lee Schafer has weighed in: "Why would Amazon snub the Twin Cities in headquarters...

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State’s economy is lagging

 This article appeared January 20, 2018 in the West Sherburne Tribune.  The recession that hit the U.S a decade ago may be over, but Minnesota’s economy hasn’t kept up with the rest of the country. That is the message behind a performance report by the Center of the American Experiment. Wednesday, during a Community Partners meeting at the Hideout Bar & Grill in Big Lake Twp., about 50 area stakeholders listened as economist John Phelan used that report to talk about the Minnesota economy. He said Minnesotans often hear about how well the state is doing economically, with things like high home...

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Those Crazy Californians! Oops…No, Wait

From California comes the latest news of the loony left. The federal government's tax reform, which dramatically reduces the U.S.'s formerly highest-in-the-world corporate income tax rate, has already sparked a stock market boom and has led many companies to announce pay raises and bonuses for their employees. A great result, right? Not if you are a leftist. Two California Assemblymen have announced an effort to at least partly undo the federal tax cut within their state: A pair of California lawmakers want to claw back some of steep tax cuts that corporations will receive under the federal tax overhaul signed last month...

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