02.09.18

Tax Reform Delivers Real Results

Tax Reform ‘Has Put Money Back Into My Business, Into My Hometown, Into My Region, Into My Employees’ Pensions And 401k’

 

‘If You’re A Family Of Four, It’s Not Crumbs. $1000 Is A Lot Of Money’

“‘It's bigger than crumbs like the politicians were saying... It's bigger than crumbs,’ says Mark Guilbeau of Lafayette [Louisiana]. And they're already making plans for what to do with it. ‘I plan to pay down some credit card debt,’ says Guilbeau.” (“New Tax Withholding Guidelines Means Higher Paychecks For Most,” KATC TV, 2/2/2018)

“Ocean Springs [Mississippi] resident Dian Rooks agrees. ‘Everybody can say what they want to about the tax plan. If you're a family of four, it's not crumbs. $1000 is a lot of money,’ she said.” (“South Mississippians React To Trump's Tax Cuts,” WLOX TV, 2/5/2018)

“Wayne Love, who works in managed care in Spring Hill, Florida, got an extra $200 in his paycheck last week, which he said will help offset a $300 increase in the cost of his health insurance. ‘I have heard time and again that the middle class is getting crumbs, but I’ll take it!’ Love said by email.” (“Tax Bill Beginning To Deliver Bigger Paychecks To Workers,” AP, 2/1/2018)

“Todd Anderson of Texas and his fiance, who are both educators, got an extra $200 in their paychecks combined that they plan to use to [help] cover the costs of a second baby on its way.” (“Tax Bill Beginning To Deliver Bigger Paychecks To Workers,” AP, 2/1/2018)

“On Friday, lunch at Woot's Barbecue in White Oak [Ohio] was more fulfilling than usual for Dan Flynn. ‘I love it,’ Flynn said. The Cleves resident loves the fact that his paycheck is getting bigger…. Like workers throughout Greater Cincinnati, Flynn will keep more of his income because lawmakers in Washington reformed the nation's tax code. ‘Any time we get more money in our paychecks as opposed to the government having an opportunity to spend it, I like it,’ Flynn said.” (“Federal Tax Reform Means Bigger Paychecks For Millions Of U.S. Workers,” WLWT-TV Cincinnati, 2/02/2018)

 

Employee Bonuses: ‘Oh My God, This Is Actually Happening,’ ‘One Thousand Dollars Goes A Long Way With Hard-Working People’

“Gautier [Mississippi] resident Vivian Dailey says she's been waiting to see how Trump's new tax plan would affect her loved ones. Dailey says, ‘I have relatives, young people that live in Hawaii, live in Texas, Alabama, and Mississippi.  Every one of them are starting to get those big bonuses.’” (“South Mississippians React To Trump's Tax Cuts,” WLOX TV, 2/5/2018)

“Fifth Third Bancorp will pay more than 13,500 employees a bonus and raise the minimum wage for its workforce to $15 after the passage of the Republican tax plan that will cut the bank's corporate tax rate.” (“Wells Fargo, Fifth Third Bancorp Unveil Minimum Wage Hikes After Tax Bill Passage,” CNBC, 12/20/2017)

  • “Some 16 employees of the three Lakeland branches of Fifth Third Bank found out soon after the law passed that they and the company’s 13,500 full-time employees nationwide would get a $1,000 bonus stemming from approval of the new law. The bonuses arrived Friday. … Toshiko ‘Tee’ Threatt-Monroe, the lead customer-service representative at Fifth Third’s Lakeland branch at 435 S. Combee Road, said she heard rumors of a bonus but didn’t believe it until the company announced it in an email on Dec. 22, three days after the tax bill passed. The announcement excited the entire office, she said. ‘I was excited as well,’ Threatt-Monroe said. ‘I read the email and said to myself, “Oh my God, this is actually happening.”’ (“New Tax Law A Net Plus For Polk Businesses,” The Ledger, 1/2/2018)

“‘I'm certainly not a very big business and certainly very local, and he (President Donald Trump) has put money back into my business, into my hometown, into my region, into my employees pensions and 401k,’ said Mary Beth Hartman, president of Hunter Chase & Associates in Springfield, Mo. The tax changes for businesses Trump championed have employers large and small adding jobs, buying new equipment, and passing along the benefits to their employees. ‘I've been able to offer my long tenured employees a week of vacation, five days of vacation, they're getting plenty of overtime, they have job security,’ Hartman said.” (“Ozarks Workers To Receive Bonuses, Benefits Thanks To Tax Changes,” KY3-TV Springfield, MO, 1/31/2018)

“At least one Quad-City company is already giving out bonuses due to the recent federal tax-cut savings. Dohrn Transfer, with corporate headquarters for trucking and a company warehouse in Rock Island, has mailed out $1,000 bonuses to all of its approximately 1,200 employees in six Midwest states. About 350 of those work here.” (“Dohrn Shares Tax-Cut Savings With Workers,” Quad-City Times, 2/01/2018)

  • “‘It generated tax savings for our company, and we wanted to share it with our employees,’ she said. ‘Even our part-time employees (received the entire bonus).’ Employees began receiving the checks in the mail Monday. ‘They were pretty excited,’ Dohrn said. ‘One thousand dollars goes a long way with hard-working people. It’s exciting to hear what they are doing with it, and that they feel appreciated.” (“Dohrn Shares Tax-Cut Savings With Workers,” Quad-City Times, 2/01/2018)

 

Small Business Owners: ‘Even Just A Few Thousand Dollars Can Mean The Difference Between Whether Or Not You … Hire New Staff’

“Dan Pierson, who owns a gym in downtown Cincinnati called Snap Fitness, expressed the same kind of enthusiasm. ‘I'm a big believer in letting people have their money to spend it, and that's kind of what keeps the economy going,’ Pierson said. ‘As a small business owner I see it ... when times are tough, people don't spend money on gym memberships. They stay home. And, you know, when people have that extra money to spend, they spend it. They go out to eat. They buy gym memberships. And they enjoy themselves.’” (“Federal Tax Reform Means Bigger Paychecks For Millions Of U.S. Workers,” WLWT-TV Cincinnati, 2/02/2018)

“Federal officials gave Iowa breweries something to toast. The ‘Craft Beverage Modernization and Tax Reform Act,’ part of the president's federal tax reform initiative, allows for a significant decrease in the taxes paid by breweries…. Local brewers, West O Beer of West Okoboji and Okoboji Brewing Company of Spirit Lake are celebrating the tax cuts. Both businesses said the savings will allow them to purchase new equipment and potentially hire new employees.’” (“Tax Cuts Carve Niche For Local Breweries,” The [Spencer, IA] Daily Reporter, 2/04/2018)

“The brewers are feeling good about a new cut in the federal excise tax that was sponsored by Senator Rob Portman of Ohio. For small brewers the tax is cut in half from $7 a barrel to $3.50. [Ohio Craft Brewers] Association spokesman Justin Hemminger said that’s a boon to these small businesses. ‘Even just a few thousand dollars can mean the difference between whether or not you have the flexibility to make a capital improvement you’ve been looking to do for a while, hire a new staff,’ Hemminger said. ’It’s absolutely essential to the bottom line of these breweries.’ For Columbus brewer Larry Horwitz, that means hiring more people.” (“Business Hopping For Ohio Craft Brewers,” Ideastream, 1/31/2018)

 

But To Democrats: This Is Just ‘A Few Crumbs,’ ‘I’m Not Sure That A Thousand Dollars… Goes Very Far For Almost Anyone’

REP. NANCY PELOSI (D-CA): “No, it is the end of the world…. This is Armageddon…. So let’s be truthful with the American people about that. They throw a few crumbs to the middle class.” (Rep. Pelosi, Press Conference, 12/04/2017)

SEN. CHUCK SCHUMER (D-NY): “… American workers are left with paltry savings.” (Sen. Schumer, Congressional Record, 2/05/2018)

REP. DEBBIE WASSERMAN SCHULTZ (D-FL): “Frankly, if you look at the bonuses, I mean… I’m not sure that a thousand dollars, which is taxed—taxable, goes very far for almost anyone.” (Rep. Wasserman Schultz, Town hall meeting, 1/25/2018)

 

###
SENATE REPUBLICAN COMMUNICATIONS CENTER

Related Issues: Small Business, Taxes, Middle Class