The results are clear: Tax reform is working. As you know, a growing list of top businesses are sharing the benefits of historic tax cuts with workers.
As Speaker Ryan said last week, “In less than eight weeks, we have tracked nearly 350 companies that have handed out bonuses as a result of tax reform . . . and we know that there are plenty of other small businesses who are doing the same that are just doing it under the radar.”
In fact, according to a recent survey, confidence among small-business owners just hit a record high, driven by tax reform. Small businesses are the engine of our economy, so this means more jobs and more opportunity in communities across the country.
Here is a handful of the many recent examples of how tax reform is working for America’s small businesses:
· Haciendas at Grace Village: This New Mexico-based assisted living and memory care facility announced that it will be hiring more employees and be giving existing employees a pay raise. CEO Gary Coppedge said, “The decision was not firmly made until the tax reform went through.”
· Xante Corp.: Located in Mobile, Alabama, this small business provides high-end printers and related software. After enactment of tax reform, with Rep. Bradley Byrne (R-AL) on hand, CEO Robert Ross handed out$1,200 bonus checks to employees. Ross said the new tax law “allows us to fund new businesses within our business,” and would lead to “a new level of growth for our company.”
· Citizens Bank of West Virginia: All 66 of Citizens Bank employees received a $1,000 bonus earlier this week. Citizens Board Chairman Max L. Armentrout said, “There are several ways we will put the tax savings to work for Citizens. However, we are most excited about paying this bonus to the great employees we have working at our bank, serving our customers and shareholders.” One employee said, “This money is going to go a long way in helping me pay down my college loan.”
· Quake Manufacturing: This twelve-man machine shop in Fort Wayne, Indiana used the tax savings to award employees with a $1,000 bonus, along with long-term disability, short-term disability, dental insurance, and a paid gym membership.
· Sheely’s Furniture and Appliance: This Ohio-based company rewarded workers with bonus checks of $1,000 for full-time employees and $500 for part-time employees. Jeff Curry, Sheely’s general manager, said of the announcement, “We had employees crying from joy. It will make good morale great. It will put money in the economy. We have such loyal and dedicated employees. We are blessed to be able to give back to them.”