One Million Americans Getting Raises or Bonuses After Tax Reform
by John Cornyn on January 11, 2018 at 10:07 AM
Today on the Senate floor, I discussed the benefits workers in Texas and across the nation will receive as a result of the Tax Cuts and Jobs Act. Excerpts of my remarks are below, and video of my remarks can be found here.
More than 100 companies have announced they will give wage increases, they’ll increase their charitable contributions, and will give out bonuses to their employees. One million Americans are receiving money they previously didn't have, thanks to passage of the Tax Cuts and Jobs Act.
In some places, we're learning that families will enjoy lower utility rates based on what gas and electric companies are doing for their residential customers in light of their new tax savings. In places like Michigan, Montana, Minnesota, Kansas, Kentucky, South Dakota, and Arizona, the utility regulators in those states are looking at the tax reduction of those investor-owned utilities and how that will calculate into the rate of return that they are guaranteed under the law.
We should listen to the voices of the job creators like one in New Braunfels, which is between Austin and San Antonio, called Rush Enterprises. Rush Enterprises specializes in commercial vehicles and it reported last month that it planned to give each of its 6,600 employees a $1,000 bonus after President Trump signed the tax reform bill into law.
I couldn't be prouder of that demonstration of the great Texas spirit: employers paying it forward. This gentleman went on to say that his company believes tax reform will be beneficial not only for his office and his employees, but also for his community and for overall economic growth.
I look forward to hearing many more such stories in the days ahead.