Tax windfall: Horizon to return $150 million to customers
The state's biggest health insurer said it would take another
Horizon is "setting the bar for how corporations can responsibly reinvest in our communities," Gov.
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The move is in the aftermath of the Tax Cuts and Jobs Act, a sweeping overhaul of the federal tax code that sharply reduced corporate taxes beginning this year.
Its impact on the economy isn't yet clear. Banks such as OceanFirst and Amboy increased their minimum wages to
The tax law has grown more popular since it was passed. Watch the video above.
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But a recent survey of 133 certified public accountants by the
* 50 percent said their corporate clients would benefit from the law.
* More than 30 percent plan to use the money to reinvest in their business with new equipment or technology.
* More than 20 percent plan to hire more employees or provide raises.
President
One key difference: Reagan took over an economy that was languishing; Trump took over an economy that was already gaining momentum. It means companies are already flush and might use the extra money to reward shareholders instead, Langdana said.
"It's not clear companies are going to hire more workers or even pay them wage increases," he said.
Horizon executives had a different decision. They oversee a not-for-profit company that doesn't have shareholders.
The company has been in the spotlight in recent months. Most notably, former Gov.
The feud resulted in the state shutting down over the
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Christie's successor now is the beneficiary. Horizon has paid the federal Alternative Minimum Tax and compiled
It said it would work with the state
It also will invest millions more in a multiyear initiative, including what it says is its "already extensive efforts to prevent substance abuse and help members with addiction and substance use illness."
Its decision won praise from labor and business leaders alike.
"It's great that Horizon wants to put money into this model, because this is the key to good health across the board at a reasonable cost to the public," Rosenstein said.
Rising health care costs have been a long-standing complaint among businesses, too.
"With this action, Horizon is not only sharing its returns to its large customer base, it is also making a strong investment in the health of our citizens and the soundness of
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