Workers, Small Business Owners Already Reaping Benefits From Tax Reform
‘It’s a shame our Democratic colleagues still haven’t been able to extract themselves from their lock-step opposition to this historic law. If they’d gotten their way, none of this good news would have happened.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans across the country continue to see from tax reform:
“It’s been just over two months since this united Republican government delivered historic tax reform to middle-class families across America. So how’s it working?
“We’ve all seen the national news: Walmart is giving raises or new benefits to more than a million hourly workers. Boeing is investing $300 million in workforce development and corporate giving. Apple is bringing hundreds of billions of dollars back to America.
“But no less important are the stories making front-page news in hometown newspapers across the country. Thanks to tax reform, in North Lima, Ohio, Sheely’s Furniture and Appliance is planning to issue $1,000 bonuses to full-time workers and expand the sales floor by 4,500 square feet.
“In Cushing, Iowa -- population 220 -- tax reform is allowing John Anfinson to give $1,000 bonuses and 5% pay raises to all his employees at the farm store that his grandfather founded in 1918. ‘I work every day shoulder to shoulder with everyone,’ Mr Anfinson explained. ‘When you work every day with a group of people, you know them and their family...They are the most valuable asset in any business.’ His customers will also likely be breathing easier. Tax reform is enabling farmers and ranchers across America to immediately expense the cost of important investments, and it’s taking a big bite out of the death tax.
“Senators heard stories just like these during last week’s state work period. Just ask Senator Toomey what tax reform is doing in Pennsylvania. He stopped by New Hudson Facades, a manufacturer in Linwood. Tax reform enabled them to increase wages by 5%, and a partner company is contributing $3,000 to every factory worker’s 401(k).
“How about Montana? Senator Daines’ trip across his state took him to Pacific Steel in Great Falls, where sales are up 25% since tax reform passed. In West Virginia, Senator Capito joined a roundtable at the Huntington Regional Chamber of Commerce. She heard from local business leaders about, quote, ‘increased optimism.’ And in Nevada, 90% of the small business owners Senator Heller recently spoke with said they planned to raise wages, increase benefits, award bonuses, hire more workers, or invest in their operations.
“It’s a shame our Democratic colleagues still haven’t been able to extract themselves from their lock-step opposition to this historic law. If they’d gotten their way, none of this good news would have happened.
“Only one of the senators from Pennsylvania voted for the law that is allowing that Linwood manufacturer to expand. Only one senator from Ohio voted for the law that’s helping those workers in North Lima. Only one senator from Nevada voted to give small businesses the flexibility to invest more in their employees. Only one senator from West Virginia and one senator from Montana voted to take money out of Washington’s pocket and put it back in the pockets of the middle class.
“Every single Senate Democrat did all they could to block tax reform. Fortunately, every Republican voted to pass it. And because Congress passed tax reform and the president signed it into law, workers and small business owners are already reaping the benefits.”
Related Issues: Tax Reform, Taxes, Economy