(Bloomberg) – AutoNation Inc. Chief Executive Officer Mike Jackson, who publicly broke with the Republican Party over the nomination of Donald Tump, is giving an array of benefits to employees who stay with the car retailer for several years as a way to share the spoils of U.S. tax reform.
While Jackson applauds the sharp reduction in corporate taxes -- something he said the Obama administration had promised to fix -- the executive remains an Independent after quitting the GOP over the acceptance of Trump as its nominee. The recently enacted reforms are estimated to save AutoNation as much as $100 million a year.
“You can’t make a Faustian deal where you sell your soul and your principles for economic gain,’’ Jackson said in an interview. “But I tip my hat to Washington, D.C., that got corporate tax reform done, which by and large everyone said needed to be done: Democrats, Republicans, Obama, Trump.’’
AutoNation announced increases to 401(k) corporate matches, a new type of cancer insurance policy, and improvements to deferred compensation in the wake of the tax cuts.