{"id":2752,"date":"2018-06-19T16:10:00","date_gmt":"2018-06-19T16:10:00","guid":{"rendered":"http:\/\/democrats.org\/blog\/2018\/06\/19\/pence-to-tout-trump-tax-law-at-plant-that-used-windfalls-to-benefit-its-ceo\/"},"modified":"2018-06-19T16:10:00","modified_gmt":"2018-06-19T16:10:00","slug":"pence-to-tout-trump-tax-law-at-plant-that-used-windfalls-to-benefit-its-ceo","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/pence-to-tout-trump-tax-law-at-plant-that-used-windfalls-to-benefit-its-ceo\/","title":{"rendered":"Pence To Tout Trump Tax Law At Plant That Used Windfalls To Benefit Its CEO"},"content":{"rendered":"

Today Mike Pence is<\/span> visiting<\/a> a Nucor Corp. steel plant in Auburn, New York.  After getting a big earnings boost from the massive corporate tax cuts in the Trump tax law, Nucor gave a big raise to its CEO and said it plans on distributing their windfall to their wealthy shareholders, not workers.<\/p>\n

 <\/p>\n

After getting a massive windfall from the Trump tax law, Nucor Steel rewarded its top executives and shareholders.<\/span><\/p>\n

 <\/p>\n

Nucor Corp. CEO John Ferriola<\/a><\/span>: “Excluding the net benefit of about $175 million we received from the recent tax, federal tax law legislation, Nucor’s 2017 earnings were more than [$1,100,000,000]. It’s important to note that that is more than double Nucor’s annual average earnings over the preceding 7 years.”<\/p>\n

 <\/p>\n

Nucor gave its CEO a raise of more than $1 million after the company got a big boost from the Trump tax law. <\/span><\/p>\n

 <\/p>\n

Charlotte Business Journal<\/a><\/span>: “Nucor Corp. CEO John Ferriola scored almost $12.1 million in total compensation for 2017. That’s about 133 times more than the median salary of $90,635 for the company’s 25,000-plus employees.  Ferriola’s pay reflects a strong year in 2017 at Nucor (NYSE: NUE) in which the Charlotte-based steel manufacturer earned net income of $1.32 billion, including a $175 million boost related to a cut in federal corporate taxes.”<\/p>\n

 <\/p>\n

Charlotte Business Journal<\/a><\/span>: “How Nucor CEO's pay, up 14.2% in 2017, compares to a typical employee.”<\/p>\n

 <\/p>\n

Nucor’s top priorities in using its tax windfall are all aimed at rewarding their wealthy shareholders, not their workers.<\/span><\/p>\n

 <\/p>\n

Nucor Corp CFO Jim Frias<\/a><\/span>: “Our primary objective is profitable growth that provides attractive returns on the capital our shareholders have invested in Nucor.  <\/p>\n

 <\/p>\n

“Our second priority is to return cash to our shareholders, primarily with cash dividends consistent with our success in delivering long-term earnings growth. Our February 2018 quarterly dividend marked 45 consecutive years of increased regular or base dividends for our company.<\/span><\/p>\n

 <\/p>\n

“Our third priority is to opportunistically repurchase our stock when our cash position is strong and our shares are attractively priced.” <\/span><\/p>\n

 <\/p>\n

Despite what Pence may try to claim today, Nucor had already expanded its Auburn plant long before the Trump tax law passed – in August of 2017. <\/span><\/p>\n

 <\/p>\n

August 2017<\/a><\/span>: “Nucor has made a multi-million-dollar investment to increase production and safety at its Cayuga County steel mill. Federal, state and local elected officials joined Nucor executives and employees at a ceremony Friday to celebrate the opening of a new $30 million rolling mill.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Today Mike Pence is visiting a Nucor Corp. steel plant in Auburn, New York.  After getting a big earnings boost from the massive corporate tax cuts in the Trump tax law, Nucor gave a big raise to its CEO and said it plans on distributing their windfall to their wealthy shareholders, not workers.   After <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2752","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nPence To Tout Trump Tax Law At Plant That Used Windfalls To Benefit Its CEO - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/pence-to-tout-trump-tax-law-at-plant-that-used-windfalls-to-benefit-its-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-19T16:10:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/pence-to-tout-trump-tax-law-at-plant-that-used-windfalls-to-benefit-its-ceo\/\",\"url\":\"https:\/\/democrats.org\/news\/pence-to-tout-trump-tax-law-at-plant-that-used-windfalls-to-benefit-its-ceo\/\",\"name\":\"Pence To Tout Trump Tax Law At Plant That Used Windfalls To Benefit Its CEO - 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