On this Tax Day, I’m glad to think of the many families in America who are reaping the benefits of tax reform. Since its passage in December 2017, the Tax Cuts and Jobs Act has continued giving back to the American people in tangible ways. It has allowed families to keep more of their hard-earned paychecks, lowered the corporate tax rate, enabled businesses to increase worker pay and benefits, and stimulated economic growth. I recently spoke on the House floor to share stories of how the Tax Cuts and Jobs Act has positively impacted Alabama’s sixth district. In case you missed it, the full speech can be watched here.
I’d like to share some examples with you of how tax reform is giving back to the American people. The rewards are clear within Alabama and throughout the country.
In the sixth district of Alabama, many organizations are raising pay, giving bonuses, and increasing their charitable giving. Regions Bank, also headquartered in Birmingham, has raised its minimum pay to $15 per hour, plans to contribute $40 million to their charitable foundation in 2018, and is increasing their capital expenditures by $100 million this year. Small businesses are also seeing benefits. Wadsworth Oil, a heating oil supplier in Clanton, recently gave over $22,000 in bonuses to its employees.
Individual pay raises and increased financial flexibility for businesses will have positive effects across the sixth district. I have also heard from many constituents that the tax cuts are helping their families to pay monthly bills, make college tuition payments, and put away more in savings. For example, a Mountain Brook resident recently noted that she deposited a $1,000 bonus into her health savings account. Another constituent from Hoover shared that he now keeps more of his paycheck, which has allowed him to make payments toward his mortgage principal and contribute more to his 401(k).
Finally, there is also general optimism about the economic future of America as a whole. In 2019, the majority of tax relief is projected to flow to families that make under $200,000 per year. Currently, unemployment rates are at their lowest since 1973, and 31,000 jobs were added to the labor market in February 2018 alone.
Despite opposition, Republicans in the House and the Senate delivered a significant win for the American people with the Tax Cuts and Jobs Act. I remain committed to building on this win by pursuing more policies that continue to strengthen the economy and give back to American families.
Gary Palmer represents Alabama’s 6th Congressional District in the U.S. Congress.