[Congressional Record Volume 164, Number 23 (Tuesday, February 6, 2018)]
[House]
[Page H898]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             LOCAL BENEFITS FROM THE TAX CUTS AND JOBS ACT

  (Ms. TENNEY asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. TENNEY. Mr. Speaker, last week I received a letter from Frank 
Suits, Jr. Frank is the president and CEO of Suit-Kote Corporation, a 
family-owned, multigenerational paving company located in the 22nd 
District, in Cortland, New York. He wrote to share the impact that the 
Tax Cuts and Jobs Act will have on Suit-Kote's nearly 800 families.
  As a direct result of the lower income tax brackets included in the 
tax cuts legislation, Suit-Kote employees receive an automatic 2 
percent increase in their take-home pay in 2018. This increase means 
about $1,400, on average, in the paychecks of each hardworking family.
  Suit-Kote's 401(k) plan has also increased by 11.5 percent and totals 
more than $56 million. This means that each individual employee saw an 
average increase of more than $6,400 in their 401(k) savings plan.
  In direct response to the new tax law, Suit-Kote Corporation has 
announced plans to match the Federal tax cut and provide its employees 
with a 2 percent retroactive pay increase. They also plan to accelerate 
its 401(k) contribution for 2018 by 4 months to provide employees 
additional funds in their retirement accounts.
  The benefits are not crumbs. These are actual results involving real 
people.
  Small businesses like Suit-Kote are proof that delivering desperately 
needed tax cuts are the most effective way to improve the lives of New 
Yorkers, not Albany's oppressive tax-and-spend, cronyist policies.

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