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September 22 marks nine months since President Donald Trump signed historic tax reform.
It’s a good time to look at what it has accomplished.
At a Christian Science Monitor media breakfast, U.S. Chamber President and CEO Tom Donohue noted, the economy grew faster than 4% in the most recent quarter. That is a “100 percent increase from the 2 percent that we sort of had as a cap for almost 10 years.”
The first major tax reform in over three decades played a key role, Donohue said: “It’s the result of the addition of pro-growth policies, tax reform, and regulatory relief that got the economy going.”
Businesses are investing
Tax reform improved the incentives for businesses to invest, and they responded.
The U.S. Chamber has tracked over 600 businesses of all sizes that are investing in their companies, rewarding their employees, and hiring more American workers.
Here are a few examples from some well-known companies:
- In Issaquah, WA, Costco announced it would raise wages for more than 239,000 employees by as much as $1 an hour.
- Frito-Lay in Frankfort, IN, said it would invest $159 million in enhancements at two manufacturing facilities in Indiana and hire 50 additional employees.
- United Technologies, based in Farmington, CT, announced it would hire 35,000 workers and invest more than $15 Billion in the U.S. in the next five years.
- Emerson in St. Louis, MO, told Congress it increased its capital spending as well as raised wages and improved employee benefits.
Small businesses are investing too:
- Anchor Electric in Missoula, MT, expanded its business and hired ten people.
- Junk King in Reno, NV, purchased an additional truck and hired more employees.
- Kris-Tech in Rome, NY, is building a new additon to its facility and buying new equipment.
Americans are also benefiting from tax reform by paying less for electricity.
The Global Energy Institute crunched the numbers and found residents in 12 states will save millions on their utility bills.
For instance, through 2022, Alabamans will save $429.60, Florida residents will save $393, and Arizona residents will save $253.80.
This savings for families and businesses will create tens of thousands of jobs and generate significant amounts of economic growth, the report also found.
Tax Reform 2.0
The work of improving our tax system is never done, and Congress understands this – especially House Ways and Means Chairman Kevin Brady (R-TX). His committee passed Tax Reform 2.0. earlier this month to continue pushing the tax code in a more pro-growth direction.
“We are supportive of Chairman Brady’s bill. What is critically important is that the lower rates for small businesses and passthroughs are ultimately made permanent,” said U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley at the Christian Science Monitor breakfast.
Making our tax system the most pro-growth it can be and our economy the most competitive in the world is our ongoing task.
Nine months into tax reform, we’re in a good spot. The economy is strong, and businesses are investing in their workers and communities.