Waste Management Reinvesting Tax Reform Savings
Jim Fish
Waste Management is taking nearly all of the money it saved because of the lower corporate tax rate and reinvesting it back into the economy   CEO Jim Fish said Friday . Fish appeared on CNBC ' s " Squawk Box " and discussed the tax reform legislation that was signed into law before Christmas . " We ' re a pretty good barometer for the economy because we see it on every segment of the economy   whether it ' s the industrial side or services side  "  Fish  said . " Right now   we ' re seeing a very good economy . " We grew our revenue by over 6 percent last year   organically   in a 2 to 3 percent economy . We like what tax reform has done for us so far ."  Fish  said  the Houston - based company  paid slightly over 36 percent of  its  2017 revenue on federal taxes   a figure he said will drop to roughly 26 percent under the new guidelines . " The benefit to us was about $ 275 million  "  Fish  said . " We gave about $ 70 million back to employees through a bonus   and then we ' re spending an extra $ 150 [ million ] by accelerating some spending on trucks and some IT spends . So about three - quarters to 80 percent of it ' s gonna go back into the economy . And then we think it will benefit shareholders on the back end of the cycle ." The Dow Jones Industrial Average rose by 25 percent in 2017 and   in the wake of the tax law ' s passage   had a strong start to 2018 . The market has been volatile in recent weeks   however   but Americans don ' t seem too worried about the losses .
Waste Management is taking nearly all of the money it saved because of the lower corporate tax rate and reinvesting it back into the economy   CEO [TGT] said Friday . Fish appeared on CNBC ' s " Squawk Box " and discussed the tax reform legislation that was signed into law before Christmas . " We ' re a pretty good barometer for the economy because we see it on every segment of the economy   whether it ' s the industrial side or services side  "  Fish  said . " Right now   we ' re seeing a very good economy . " We grew our revenue by over 6 percent last year   organically   in a 2 to 3 percent economy . We like what tax reform has done for us so far ."  Fish  said  the Houston - based company  paid slightly over 36 percent of  its  2017 revenue on federal taxes   a figure he said will drop to roughly 26 percent under the new guidelines . " The benefit to us was about $ 275 million  "  Fish  said . " We gave about $ 70 million back to employees through a bonus   and then we ' re spending an extra $ 150 [ million ] by accelerating some spending on trucks and some IT spends . So about three - quarters to 80 percent of it ' s gonna go back into the economy . And then we think it will benefit shareholders on the back end of the cycle ." The Dow Jones Industrial Average rose by 25 percent in 2017 and   in the wake of the tax law ' s passage   had a strong start to 2018 . The market has been volatile in recent weeks   however   but Americans don ' t seem too worried about the losses .