Sen. Fasano Statement on CVS Health’s Decision to Support Employees with Federal Tax Windfall

February 8, 2018

HARTFORD Senate Republican President Pro Tempore Len Fasano (R-North Haven) released the following statement applauding the actions of CVS for investing in increased employee benefits as a result of the new federal tax laws. He also commented on the statement made by Gov. Malloy today regarding the changes at CVS.

“I applaud the actions of CVS to use their windfall from the new federal tax changes to improve benefits for employees. CVS joins a long list of companies that are now able to improve benefits and increase wages thanks to the new federal tax law. Clearly, when you create an economy where businesses can thrive, they are able to pass on their success to their employees in a sustainable way.

“Gov. Malloy’s statement applauding CVS’s decision completely fails to acknowledge that the company made this decision as a result of federal tax changes. What’s happening across the U.S. thanks to the new federal tax law has accomplished what Gov. Malloy could not. We are seeing minimum wage go up, bonuses go up, increased pension benefits, college tuition aid, paid family leave and workforce expansion. While Gov. Malloy attempted and failed to mandate these policies, these are now being voluntarily implemented by the private sector as a result of a favorable tax climate without burdening taxpayers. Yet Gov. Malloy is advocating for a tax proposal that goes in the complete opposite direction of what is proven to work.  His budget would tax businesses more. It would take away the ability of job creators to stay in this state, raise wages, and increase benefits. He has proposals that would literally undo the federal tax breaks that have helped job creators like CVS to benefit employees. When is Gov. Malloy going to acknowledge that his progressive policies have failed the state? We now have a clear example of economic policies that benefit employees directly, but the governor continues to ignore reality.”