Tax Cut Law = More Jobs & Larger Paychecks
Washington, March 13, 2018
The American people and small businesses across East Texas are reaping the benefits of the new tax cut law. It’s putting more money in people’s pockets and enabling businesses – American employers - to create jobs, purchase new equipment and expand. It is growing our economy.
Ninety percent of Americans are getting a tax break from lower tax rates, a doubling of the standard deduction to $24,000 for a married couple ($12,000 for individuals), and increasing the child tax credit to $2,000 per child.
We’ve all seen the headlines about large businesses and their employees benefitting from lower taxes. While this is great news, it is important to note that the benefits go far beyond large businesses. I’ve been hearing from hundreds of individuals, families and small businesses about how their tax bills are being cut and what they are doing with those tax savings.
ExxonMobil has announced a $50 billion investment in its U.S. operations and employees over the next five years. Walmart, Home Depot, Lowes and Best Buy have boosted wages or given employees bonuses and in some cases, both. Boeing announced $300 million in employee-related investments and charitable giving.
To break this down even further, let’s discuss the stories that are improving lives and growing businesses across Southeast Texas.
Juan and Leigh, both small business owners in Houston, wrote to tell me they have hired additional employees with the money they are saving. That’s putting our friends and neighbors to work.
Small business owners in Polk and Tyler counties shared with me how they were able to purchase new equipment to help their women-owned businesses grow and run more efficiently. Another business owner in Orange County is purchasing a larger inventory for her business.
Folks, small businesses are the backbone of our economy, and I am hearing story after story like this about small businesses growing and hiring our friends and neighbors.
The tax rate cuts for individuals and families are also making a huge difference for East Texans. This should be no surprise as nearly every American is getting a tax cut.
Robert from Highlands, Texas wrote to tell me that he is using his tax savings to help his daughter get a college degree.
Alan in Houston has decided to put is tax cut into savings for his retirement.
Ms. Drake is now able to buy a new stove, while Justin from Harris County is paying down credit card debt.
Scott is using his savings to help him purchase a home.
Mr. Woods told me that he will be spending his tax savings on his wife. Mr. Woods –that’s a good decision!
The tax cuts are even helping in Hurricane Harvey recovery.
Judy from Orange County shared with me how the tax cuts have enabled her to replace household items destroyed by Hurricane Harvey. And, Jason from Baytown is using his savings to help repair his home.
The Tax Cuts and Jobs Act is making a real difference in the lives of real people across Southeast Texas and the nation.
Each of these individual decisions adds up and as a result tens of billions of dollars in economic activity is being generated benefitting individuals and employers.
I’m excited that tens of millions of Americans are seeing lower payroll deductions, larger paychecks, more retirement savings, bigger family budgets and relief at every level.
This tax cut bill is benefitting families, job creators and our economy.