Positive Tax Reform: putting more money in your pocket
By: Congressman James Comer
U.S. Representative, First District of Kentucky
At the end of 2017, I cast my vote for legislation that will positively shape our economy for years to come. Republicans kept their promise to deliver on tax reform, and with new legislation in place, we are finally creating an environment that fosters growth in our job market, brings jobs back to the U.S., and supports companies who want to compete globally. Tax reform is a pivotal step forward in generating a stronger U.S. economy, and we are already hearing about the tremendous impact of the Tax Cuts and Jobs Act on businesses, families and individuals across the country.
The Tax Cuts and Jobs Act fixed the individual tax system to make filing taxes simpler and help Americans keep more of their money. Under the new tax law, the typical family of four in the First District of Kentucky with a median income of $61,296 will see an average tax cut of $1,707. Families have worked hard to earn this money. And after this past month, First District Kentuckians have already shared their excitement with me after receiving higher paychecks. Families can keep more of their hard-earned dollars to raise families, invest and save for the future.
Helping Americans maintain financial stability while raising a family is an important priority in the Tax Cuts and Jobs Act, which doubles the child tax credit to help families manage the growing costs of raising children. Families will also continue to benefit from the adoption tax credit, which was preserved in the tax bill. In addition to provisions like the adoption tax credit, American companies like Walmart have stepped up to create their own benefits for adoptive families. With additional funds provided by a lower tax rate, Walmart is creating a benefit that provides financial assistance to its employees who are looking to adopt a child. Assistance includes providing families as much as $5,000 per child to cover expenses such as adoption agency fees, translation fees and legal costs. As a member of the Congressional Coalition on Adoption and a proud supporter of efforts to help families in the adoption community, I am thrilled to see tax reform positively impacting these families.
In conjunction with these important provisions, the new tax law will also lower tax rates on American businesses to help grow jobs, increase wages and promote economic growth here at home. Until recently, the United States had nearly the highest corporate tax rate in the world, making U.S. businesses uncompetitive, stunting economic growth and sending jobs and profits overseas. Now, many businesses across the U.S. are demonstrating how a lower tax rate helps boost business and the workforce. American companies like Tyson Food Inc., Starbucks, Walmart, Wells Fargo, AT&T, Boeing, Bank of America, Humana, and many more are offering bonuses, higher wages and other new benefits for employees.
For example, Tyson Food Inc. alone will spend more than $100 million on one-time cash bonuses for its workers. AT&T announced that 200,000 employees will receive a $1,000 bonus. Wells Fargo will be boosting its minimum wage to $15 an hour and donating $400 million to community and nonprofit organizations. Boeing also made a commitment to invest $100 million in corporate giving through employee gift-match programs and investments in education, community development and veterans and military charities, as well as a $200 million investment in workforce development and improvements to infrastructure and facilities.
Tax reform is truly working for the American people. Delivering on these reforms was long overdue, and after more than 30 years, Americans are finally able to reap the benefits of a simplified tax code that cuts middle class taxes and supports expanding businesses. Americans will begin to see higher paychecks, business owners will create and keep jobs in the United States, and we will continue to make America great again with strong economic advancement.
Rep. James Comer is a United States Congressman for the First Congressional District, which spans from south central Kentucky to the river counties of far western Kentucky. Contact him with any questions or concerns in his Washington D.C. office at (202) 225-3115, in the Tompkinsville Office at (270) 487-9509, in the Paducah Office at (270) 408-1865, or schedule an appointment in the Madisonville Office by calling (270) 487-9509.