Employee bonuses and new equipment on tap for Lawrence Paper
The Lawrence Paper Company (LPC) will pay a special $500 bonus to each of its 300 employees and invest more than $5 million in new equipment because of the Tax Cuts and Jobs Act recently passed by the U.S. Congress and signed into law by President Donald Trump.
During staff meetings at its corrugated plants in Hutchinson, Lawrence and Fremont, Nebraska, LPC President Justin Hill, Jr. told employees the new tax law may prove to have the greatest impact on them and their families, the company and the U.S. economy than of any bill passed in the last 30 years. "Most, if not all of you are likely to see a decrease in the federal taxes withheld from your paycheck starting next month. But we believe the more significant long-term benefit to each of us will result from the lowering of tax rates on businesses," he said. “This should free up income that can be reinvested in businesses, passed through to stockholders, or paid to employees in the form of higher wages."