WASHINGTON, DC – In light of the six-month anniversary of the enactment of the Tax Cuts and Jobs Act, Subcommittee on Energy Chairman Fred Upton (R-MI) today published an op-ed, highlighting the benefits of tax reform on the economy, small businesses, and the energy sector.
Upton writes: “Six months ago, Congress kept a promise to voters by passing a sweeping, pro-growth reform of our tax code with the Tax Cuts and Jobs Act — the most significant tax reform since 1986. Thanks to our new tax law, people across the nation are feeling the real, positive effects.”
Tax Reform helping Main Street and the energy sector to grow
By Rep. Fred Upton
Six months ago, Congress kept a promise to voters by passing a sweeping, pro-growth reform of our tax code with the Tax Cuts and Jobs Act — the most significant tax reform since 1986. Thanks to our new tax law, people across the nation are feeling the real, positive effects.
For example, 90 percent of Americans are seeing bigger paychecks, and a growing list of more than 600 businesses have announced new investments in their employees, resulting in over 5.5 million American workers receiving bonuses, raises, and other benefits.
Furthermore, we are beginning to see tremendous economic growth as a direct result. Since signing the bill into law, 1 million new jobs have been created, with 223,000 jobs added last month alone. In addition, there are 6.7 million job openings and just 6.4 million available workers to fill them, meaning there are more jobs than people out of work — something the American economy has never experienced before.
It’s not just workers who are seeing the benefits following this historic action. Small businesses are also experiencing unprecedented optimism as a result of tax reform. A recent survey reports that Main Street optimism increased in May to the second highest level in history.
Recently, the Energy and Commerce Committee heard from businesses — particularly small businesses — in the energy sector on how tax reform is helping their operations grow and invest in local communities and workers. Tom Ferguson, the president and CEO of AZZ, explained that prior to tax reform his company had hoped to expand his business by building another manufacturing facility at some undetermined future date. However, thanks to tax reform, AZZ recently announced they will open another facility this year and plan to hire 25 to 50 new employees.
Under our old tax code, American businesses were struggling to stay competitive globally, but by reducing the tax burden we’ve eliminated the temptation for companies to look overseas. As a result, we can keep good-paying jobs here at home.
It’s clear the Tax Cuts and Jobs Act is reinvigorating our economy — and this is only the beginning of even more good things to come.
Click here to read the full op-ed online.