[Congressional Record Volume 164, Number 57 (Tuesday, April 10, 2018)]
[House]
[Pages H3085-H3089]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
TAX REFORM TRUTH TELLERS
The SPEAKER pro tempore. Under the Speaker's announced policy of
January 3, 2017, the gentlewoman from California (Mrs. Mimi Walters) is
recognized for 60 minutes as the designee of the majority leader.
General Leave
Mrs. MIMI WALTERS of California. Mr. Speaker, I ask unanimous consent
that all Members may have 5 legislative days in which to revise and
extend their remarks and include extraneous materials on the topic of
my Special Order.
The SPEAKER pro tempore. Is there objection to the request of the
gentlewoman from California?
There was no objection.
Mrs. MIMI WALTERS of California. Mr. Speaker, in February,
Congressman Paul Mitchell of Michigan and I established the Tax Reform
Truth Tellers series to combat the misinformation being spread about
the Tax Cuts and Jobs Act.
Today I had the distinct honor of joining my colleagues from the
great States of California and New York to talk about the benefits this
historic tax reform bill is having on our communities and local
economies.
When it comes to taxes, our two States have something in common: some
of the highest State tax rates in the country.
My district in Orange County, California, is home to great people,
beautiful weather, and a rich history, but it is also located in the
highest taxed State in the Nation.
It is my duty to find ways to help my constituents build and achieve
their American Dream, whether it is opening a small business, sending
their children to college, or saving for retirement. Unfortunately,
high taxes can prevent these dreams from becoming a reality.
While the State legislatures in Sacramento and Albany keep placing
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crushing tax burdens on their residents, congressional Republicans take
action to lower the Federal tax burden on hardworking Americans and job
creators in our districts.
The Tax Cuts and Jobs Act did just that by lowering rates and
restoring the ability of American companies to compete globally.
For too long, our Tax Code was broken. It imposed high tax rates on
families, individuals, and small businesses; it was full of special
interest loopholes; it contained a tax structure that encouraged
companies to ship jobs overseas; and individuals, families, and job
creators spent nearly 9 billion hours each year preparing their taxes,
which cost the economy $400 billion in lost productivity.
Last December, we addressed those issues and fixed our outdated Tax
Code when we passed the Tax Cuts and Jobs Act. This legislation lowers
rates for nearly every taxpayer, doubles the standard deduction for
individual and joint filers, and maintains popular deductions that will
help working families in cities like Irvine, Mission Viejo, and Tustin.
When the new withholding rates took effect in February, Orange County
residents saw their take-home pay increase. Now, families and
individuals are rightfully keeping more of their hard-earned paychecks.
The Tax Cuts and Jobs Act has also encouraged economic growth and job
creation. Since the tax reform package was signed into law, our economy
has experienced its most robust growth rate since 2005, consumer and
manufacturing confidence are near record highs, and just last month,
the U.S. economy experienced its strongest month of job growth in
nearly 2 years.
Over 500 companies have given their employees new benefits, like pay
raises, bonuses, and increased matching 401(k) contributions. In the
last 3 months, 4 million American workers have received bonuses.
Furthermore, the National Association for Business Economics has
increased its 2018 economic growth projections to nearly 3 percent.
This positive economic news is a direct result of the Tax Cuts and Jobs
Act.
Mr. Speaker, the results of tax reform are exceeding our
expectations, especially in my district. Some were concerned about the
potential ramifications this bill would have on Orange County, but in
the last few months, our community and local economy has flourished.
Orange County residents are keeping more of their paychecks, allowing
them to spend and invest their own money as they see fit; after all, it
is their money, not the government's.
Local businesses are benefiting, allowing them to create jobs and
provide higher wages for their employees. One example is the Walt
Disney Company, Orange County's largest employer and the place where I
held my first job as a senior in high school. With their savings under
the new Tax Code, Disney gave each of its 125,000 employees a $1,000
cash bonus. Disney also established a new higher education initiative
that will cover tuition costs for hourly employees.
STERIS, a medical device company, has several facilities throughout
the State of California, including one in Tustin. Following the
enactment of the Tax Cuts and Jobs Act, STERIS gave its employees a
$1,000 bonus. Throughout the country, millions of Americans are
benefiting from tax reform, and STERIS is an example of a company
making those benefits a reality for my constituents in Tustin,
California.
These Orange County companies reflect just a small sampling of the
success the Tax Cuts and Jobs Act is having across the Nation.
Today, my colleagues from California and New York will share their
stories from their districts about how their communities and local
economies are thriving due to the new tax law.
Mr. Speaker, I yield to the gentleman from California (Mr. Knight), a
United States Army veteran, a member of the House Armed Services
Committee, and a representative of California's 25th District.
Mr. KNIGHT. Mr. Speaker, I thank the gentlewoman for the opportunity
to speak about the impacts of the recently enacted tax law.
The reduction in the corporate tax rate enables U.S. companies to
compete on a level playing field with foreign businesses without having
to move their headquarters abroad.
Here in the U.S., in each of our districts, they can invest their
savings back into their businesses. This is because the reform changes
the equation for what will make them more profitable. The Tax Cuts and
Jobs Act now means that expanding factories and payrolls here in the
U.S. make better business sense.
Northrop Grumman, which has a significant presence in my district,
California's 25th, announced it would increase capital expenditures by
10 percent and provide a $1,000 per year contribution for each of their
employees' retirement accounts.
Millions of Americans have received increases in their paychecks.
Check your check.
The Treasury Department estimated that 90 percent of Americans will
now receive more take-home pay.
The reform reinforced positive trends we have experienced over the
past few years. U.S. jobless claims have fallen to their lowest level
since 1973.
Setting politics aside, this bill lifts burdens on U.S. businesses
and taxpayers to allow everyone to invest more and save more.
We can all see the effects of these changes today, and we will
continue to see them play out over the coming months and years.
Mr. Speaker, I thank Speaker Ryan, Chairman Brady, and their staffs
for their organizing an inclusive, cooperative process in drafting this
bill and driving it forward.
Mrs. MIMI WALTERS of California. Mr. Speaker, I yield to the
gentleman from California (Mr. Valadao), my friend and a member of the
Committee on Agriculture and the representative of California's 21st
District.
Mr. VALADAO. Mr. Speaker, I appreciate the opportunity to talk about
something that is so important.
We always talk about the different things we can do in Congress to
help our constituents. Something I spend a lot of time on is water. It
is very important to help my local community survive, it is obviously
important for agriculture, but it is very important for those who live
and breathe in the Central Valley. Delivering water to their homes is
something that some of us outside of the area might not see threatened,
but in the Central Valley, it is something we do see.
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But tax reform is something that has a real impact on people every
single day. The Central Valley happens to be what I would say, and I
think a lot of people would agree, some of the hardest working people
in the United States.
When you drive throughout the Central Valley and you see people out
in the fields working really hard in some of the warmest weather, some
of the hottest weather, it has a real impact on people; and giving
these people an opportunity to be able to keep more of their money is
something I think is very important.
While I don't know if this coming week people will see a simplified
system, because it hasn't taken effect yet, I know that people who work
really hard throughout the Central Valley are already starting to see
an increase in their paychecks. I have heard it myself as I have gone
around the district talking to constituents; people stopping me in the
grocery store bringing up the fact that they are already seeing things
in their paychecks. I have even had employers tell me that their
employees walked up to them and talked a little bit about the
difference they are seeing.
The Central Valley is an area that needs this more than a lot of
other areas. When you look at the median income, Central Valley, or at
least the 21st Congressional District, is about $40,000. So when you
talk about doubling the standard deduction--before this tax plan went
into place, about 83 percent of the people filed the standard
deduction. Now, with doubling that standard deduction, you are going to
see upwards of 90 to 95 percent of people filing the standard
deduction.
What does that mean? That means, in the past, people only keep about
$12,000 of their first income tax-free. Now they are going to go
forward and have the opportunity to earn $24,000 without being taxed.
So the first $24,000 isn't going to be touched, and that is impressive.
[[Page H3087]]
Then, throughout the Central Valley, a lot of folks, with their
children, having families, something that, myself, with three kids,
something I am very proud of, we are doubling the child tax credit. We
are going from $1,000 to $2,000. That is going to have an impact on
about 64,000 people in the 21st Congressional District.
Twenty-five thousand constituents own small businesses. This new law
will help them grow their businesses and help them be more successful.
In fact, some economists say that this new law will help create about
111,000 jobs in the State of California.
This tax bill is going to have a positive impact throughout the 21st
Congressional District. We are already starting to see it now, and we
are going to see it going forward.
As this new bill takes effect, people throughout the 21st
Congressional District will see an annual tax savings of about $1,300,
almost $1,400. This is real relief for people; and no matter what
anyone else goes out and says, this is not peanuts. This is not a small
amount.
$1,400 has a real impact on people being able to buy groceries; being
able to save for their kids' education; being able to keep their
families comfortable, if it is running the air conditioner or keeping
the house comfortable. These are all things that have a real impact on
people's everyday lives, so I am thrilled to be able to come here and
talk a little bit about the positive impact that we are having
throughout the 21st, and I am looking forward to seeing how much more
we do.
Mr. Speaker, I thank the gentlewoman, my friend from southern
California, for the opportunity to be here and play a role in this.
Mrs. MIMI WALTERS of California. Mr. Speaker, I yield to the
gentlewoman from New York (Ms. Tenney), a member of the House Financial
Services Committee and the Representative of New York's 22nd District.
Ms. TENNEY. Mr. Speaker, I appreciate my colleague from California
and her hard work on this really important issue.
Taxes are, of course, extremely important in New York State as being
one of the highest taxed States in the Nation, along with California,
an undistinguished honor that we don't want to have.
But I rise today to actually recognize the thousands of hardworking
families across the 22nd District of New York, and throughout upstate,
who have felt the real impact of the Tax Cuts and Jobs Act.
Before the Tax Cuts and Jobs Act, our Tax Code was broken. It was
riddled with loopholes that penalized success and hurt hardworking
families and hardworking taxpayers. Our middle-income families were the
ones who suffered as the economy and wages remained stagnant.
As I traveled from Sandy Creek to Vestal, Little Falls to Cortland, I
heard real stories from families, small-business owners, single
parents, veterans, and seniors detailing the damage of our oppressive
Tax Code. It held our small businesses back, crippled our family farms,
and left our families feeling hopeless and overwhelmed.
That is why we stepped up to the plate, took our constituents'
concerns and stories to Washington, and passed legislation that
reflected the values of fairness and hard work. No longer is our
economy stagnant. No longer will American businesses and families
suffer under an unfair and oppressive Tax Code from Washington.
Here in New York, tax reform has provided once-in-a-generation relief
from the failed status quo, a status quo that was created in part and
mostly by Albany politicians whose seemingly only intent is to tax and
spend, and I dare say, waste our hard-earned money.
Under the Tax Cuts and Jobs Act, the typical middle class family of
four in New York's 22nd District, which I represent, will see a tax cut
of $2,439. Imagine what kind of money that could do for a family of
four.
Now, families will have the opportunity and means to save for
college, plan for the future, invest in their retirement, and provide
their children with increased educational opportunities.
Families know how to spend their resources much better than the
Federal Government. That is why we are putting real money back into the
pockets of hardworking families, money they earned, and money they
deserve to keep.
Throughout the debate on tax reform, I, along with my fellow
colleagues from New York, fought an uphill battle to include provisions
facing elimination that are vital to seniors, single parents,
struggling families, and overly burdened job creators.
One of the key provisions that we New Yorkers fought tirelessly to
include is the State and local tax deduction or, as you heard often,
the SALT deduction. I would like to thank Chairman Brady and everyone
on the Ways and Means Committee for understanding the importance of
this deduction and what it means to my constituents. As a result of our
advocacy, nearly all of my constituents in the 22nd District will be
able to continue to claim a SALT deduction.
It is also flexible, which means it can be used for property sales or
income tax, and not just restricted to local tax.
In the 22nd District, 99 percent of itemizers deduct less than
$10,000 in property taxes. This provision will cover the overwhelming
number of property owners who own homes of less than $450,000 in value,
which is a very nice home in my district, a little different than in
the coastal areas and sometimes you will see in the southern tier of
New York.
The reason the SALT deduction matters stems from Albany politicians
who have no regard for the taxpayers they represent. For example, all
eight of the counties that I represent are in the top 36 highest
property tax rates compared to home value nationwide per county.
This bill provides relief on the Federal level, while finally taking
a step to encourage fiscal responsibility from Albany. I have always
put the taxpayers I represent first, and it is long past time for
politicians in Albany to do the same, and we are hoping that this bill
will incentivize them to do that to help our taxpayers.
The benefits from the Tax Cuts and Jobs Act do not stop there.
Earlier this year, I heard from Frank Suits. Frank is the president and
CEO of Suit-Kote Corporation, a family owned, multigenerational paving
company in Cortland, New York. Frank wrote to me to share the impact
tax reform has had on his business and nearly 800 employees.
First, in direct response to the new tax law, Suit-Kote announced
plans to match the Federal tax cut and provide its employees with a 2
percent retroactive pay increase and has begun to accelerate 401(k)
contributions for 2018 by 4 months to provide employees additional
funds in their retirement accounts.
Our goal in passing the Tax Cuts and Jobs Act was to deliver this
type of relief to hardworking families like those employed by Suit-
Kote, and it was an honor for me to actually go to Suit-Kote and meet
with the employees and hear from them, firsthand, just how great their
benefits were from the Tax Cuts and Jobs Act.
We also heard that NBT Bank, a local bank in my region, with dozens
of locations throughout the 22nd District, has used tax reform to
invest in its employees. NBT decided to raise the starting hourly rate
of pay from $11 to $15 an hour, without a mandate coming from the
government, merely because of the benefits from tax reform. Employees
earning $50,000 or less will receive a permanent minimum increase of 5
percent this year.
Another great little business in my community, fairly new, started by
a young guy, A&P Masters Images, LLC, in Utica, a small printing
business, has hired another full-time graphic designer and is now
weighing the options of putting on an addition to its building in the
city of Utica.
Howard Potter, CEO of A&P Masters, said with everyone's increase in
pay he can already see a morale boost coming from his employees. He
said the end-of-the-year tax relief for businesses will help them
afford to be more aggressive with investing in their growth, to build
or buy, or hire more staff, and buy more equipment.
While these companies are based in the 22nd District, there are
dozens of other companies with branches in my district that are reaping
the benefits of tax reform. For example, CVS is increasing its wages
for hourly employees from $9 to $11 an hour.
[[Page H3088]]
Home Depot, with a location right next to my New Hartford office, is
giving employees a bonus of up to $1,000, with the chairman and CEO of
the company stating it was directly made possible by the tax reform
bill.
Lowe's and Walmart are also giving back to their employees as a
direct result of the Tax Cuts and Jobs Act. All three of these
corporations have numerous locations across my district and employ
hundreds of hardworking citizens throughout NY's 22nd.
Critics of the Tax Cuts and Jobs Act have called this law and its
benefits crumbs, or Armageddon, as you famously heard. They have also
called this law a handout to the 1 percent. Time and again, they have
been proven wrong.
Just this past weekend, our very own New York Post declared, and I am
paraphrasing: GOP's tax cut isn't actually a gift to the rich. They
come to that conclusion from an analysis done by the nonpartisan Tax
Policy Center, who found that the top 20 percent of wage earners will
pay 87 percent of all Federal income taxes in 2018, up from 84 percent
last year. Additionally, the analysis found that most families earning
under $50,000 a year will pay almost no Federal income taxes at all,
and many will see a refund.
Mr. Speaker, this does not sound like middle class Armageddon to me.
These benefits certainly do not sound like crumbs. This is money that
can be used to get ahead on car payments, to pay rent, to pay
mortgages, so much more that everyday Americans struggle with in a
tough economy.
Businesses like the ones I mentioned are proof that providing
desperately needed relief from the Federal side for the failed tax-and-
spend status quo that we see in New York is the most effective way to
improve the lives of Americans.
Mr. Speaker, I thank the gentlewoman from California for her advocacy
on this and for asking us to join.
One added note I would like to say is we found also from the
nonpartisan Tax Policy Center that New York is going to be one of the
gainers. We are actually going to see a growth in our economy and a
growth in jobs, in spite of what Albany may or may not do; but we are
really grateful for that, and I just want to say it is an honor to
support the Tax Cuts and Jobs Act and to advocate for the things in
that bill that helped our district.
Mrs. MIMI WALTERS of California. Mr. Speaker, I yield to the
gentleman from New York (Mr. Collins), a fellow member of the House
Energy and Commerce Committee and the Representative of the 27th
District of New York.
Mr. COLLINS of New York. Mr. Speaker, I rise today to highlight the
impact of the Tax Cuts and Jobs Act and the impact that is having in
New York's 27th Congressional District.
When Republicans in Congress and President Donald Trump started
working on tax reform, Democrats immediately began attacking the bill
before it was even written. They deliberately spread lies to the
American people, which caused chaos and confusion, in an effort to
derail our progress.
The working families in western New York now know the truth because
they have seen an increase in their paychecks. The Tax Cuts and Jobs
Act is making our economy stronger and benefiting American families and
businesses, both big and small.
The business community is responding and taking action by giving
raises, bonuses, and other employee benefits as a direct result of tax
reform. In western New York, thousands of workers are reaping the
benefits.
M&T Bank, in Buffalo, increased the base wages for hourly employees,
gave all employees 40 hours a year in paid time off to volunteer in
their community, and significantly increased contributions to the M&T
Foundation.
Pioneer Credit Recovery in Arcade, New York, gave a $1,000 bonus to
each of their 800 employees.
Evans Bank in Hamburg also gave $1,000 bonuses to non-senior level
employees and increased charitable donations.
Everett J. Prescott, Incorporated, gave $1,000 bonuses to employees
with more than a year of service and $250 bonuses to employees with
less than a year of service.
Financial Institutions of Warsaw gave employees a bonus of $500.
LiDestri Food and Drink in Rochester gave all of their 1,200
employees in their five U.S. facilities an extra full paycheck.
Environmental Construction Group in Albion, New York, gave each of
their 50 employees a $500 bonus.
National chains that employ many of my constituents have also given
bonuses: T.J.Maxx, Walmart, AT&T, Home Depot, Chipotle, Lowe's,
Starbucks, U-Haul, FedEx, Apple, and the list goes on and on.
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The liberal left calls these pay increases and bonuses crumbs, but my
constituents know tax reform is a significant win.
Because Republicans have reformed our complicated and outdated Tax
Code, our children and grandchildren will be able to participate in a
growing economy. The truth is tax reform is a positive step in making
America great again.
Mrs. MIMI WALTERS of California. Mr. Speaker, I yield to the
gentleman from California (Mr. Denham), my friend and colleague, and a
member of the House Agriculture and Transportation and Infrastructure
Committees, who represents the 10th District of California.
Mr. DENHAM. Mr. Speaker, our previous Tax Code was ineffective and
outdated. For too long, Americans' history of entrepreneurs and
aspiring job creators has been in jeopardy.
The United States now ranks 12th worldwide in business openings. For
the first time in 35 years, American business closures outnumbered
business openings--the first time in 35 years. That means jobs were
vanishing faster than they were being created.
For decades, our country's families have been burdened by countless
hours of paperwork just putting taxes together, confusing tax rules
that you needed an accountant or a lawyer to look at, and unsustainable
rates that cut into everyday hardworking paychecks.
The Code also did little to encourage U.S. companies to invest right
here. Instead, it was only successful in creating new loopholes,
exemptions, and disincentives that pushed more profits and jobs
overseas. The Tax Code just wasn't working. That is why I was proud to
have supported and coauthored H.R. 1, the Tax Cuts and Jobs Act, which
tackled each of these separate issues in ways to support American
families and U.S. job growth.
In the midst of all the rhetoric around here, the partisanship, the
Washington spin outside of this building, it is important that we don't
lose sight of who actually won in this. It is the people in my
district. People in places all across the country. It is Americans who
won by changing the Tax Code.
This bill will allow businesses to grow, to continue to give bonuses
and raises. Small businesses will now have the flexibility to make new
hires and investments, thanks to the new 20 percent deduction for
qualified pass-through companies. It is a deduction to make sure we are
hiring new people.
They will also be able to immediately write off the full cost of
purchases of new and used equipment, making their goals to expand
operations a reality. This gives them the opportunity to take the money
that they are making, the profits that they are making to go out and
buy new equipment, buy new supplies, and be able to hire more people
and bring them into their company.
The bill is also good for agriculture. That is my district's biggest
economic driver. It repealed the harmful estate tax and includes
supportive export provisions that help our local farmers compete and
sell their crops on the national market.
The bill is good for our communities. It creates a new pathway for
investments to flow directly into lower income areas. These newly
designated opportunity zones will receive the necessary capital
infusion to jump-start their economies and support our local residents.
Most importantly, the bill is good for individuals and families. It
cuts rates across the board and doubles the standard deduction. It also
bolsters the value of the child tax credit.
Now, a lot of people have asked me: What is the standard deduction?
Most people just take all of their information for the year and they
give to it their accountant or they put it into the
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system and try to understand the old Tax Code.
The standard deduction was something that most people in my district
did before, but by doubling it, 94 percent of the people in my district
will now utilize the standard deduction. This affects everybody.
Other commonsense provisions, like the earned income tax credit,
adoption tax credit, charitable deductions, and retirement savings
options are all preserved under the bill. That ensures that families
can keep more of their own money.
Now, since this bill passed, being home in the district, I have been
to the bank and talked to people. In the grocery store, people have
come up to me and told me what a difference this has made in their
paycheck--$50 a week, $100 a paycheck, $200 a month. It is real money
adding up to the people in my district.
Mr. Speaker, I am proud to have supported this bill for the expansion
it is going to enable in our businesses, for the new jobs it is going
to create, and for the people who are going to see it in their
paychecks every paycheck.
I recently did a roundtable. We called in businesses and tax
accountants and experts on the Tax Code, all together, not only to look
at what this new bill has done, but specifically how we would see job
growth in our community. Time and time again, I heard from businesses
independently owned that talked about the expansion that they are going
to see.
We will see a great expansion in growth across this country: seeing
money that was invested overseas coming back and reinvested here,
markets that we have lost that will now be coming back. Manufacturing,
building things again, that is what this bill is all about, supporting
American families and the pursuit of the American Dream.
Mr. Speaker, I am proud to have supported the Tax Cuts and Jobs Act.
Mrs. MIMI WALTERS of California. Mr. Speaker, I yield to the
gentleman from California (Mr. McClintock), a fellow Californian and a
member of the House Budget Committee, who represents the Fourth
District of California.
Mr. McCLINTOCK. Mr. Speaker, I think it is important to ask ourselves
how legislation is actually doing once it has passed; and 4 months
after tax reform, I think it is time to reflect on that.
Mr. Speaker, I want to thank my colleague from California for
organizing this time tonight.
In my California district, the average family is paying $1,900 less
Federal income tax this coming year. That means 1,900 more dollars that
they can spend to meet their own needs.
I want to urge everyone to visit a website called
taxplancalculator.com. There, you can put your own tax numbers in and
calculate how your family will fare under the new tax law this year.
Everyone I have directed to taxplancalculator.com has come back happily
surprised.
But the real importance of tax reform is expanding our overall
economy. That is the rising tide that lifts all boats.
One provision of the measure allowed companies to write off the full
cost of equipment purchases when they make the purchase. But what does
that mean in real life?
Well, Ken Steers is president of Freight Solution Providers, a local
shipping company in my district that provides worldwide transportation
logistics for businesses large and small. He tells me that since the
tax reform took effect, his shipping orders for manufacturing equipment
have gone through the roof and haven't let up.
Before the tax reform, our corporate tax rate was 35 percent, the
highest in the industrialized world. We reduced it to 21 percent.
Aslam Malik is CEO of AMPAC Fine Chemicals in Sacramento and El
Dorado Counties. They produce the active ingredient in several cancer
and epilepsy drugs. He said they could outcompete their European
competitors in terms of quality and technology and service, but many
customers told him that even if their product was free, the American
tax made AMPAC noncompetitive. Well, I checked back with Aslam this
week. They have already added $2 million to their budget for expansion
because, literally, a whole new world of business opportunities has
opened up for them.
Now, the left says this is just tax relief for the rich. Obviously,
they don't understand that this is precisely what produces higher pay,
better jobs, greater opportunities, and stronger financial security for
every American.
I attended the Oakhurst Rotary Club last week. They have a tradition
of donating dollars to the club as they report good news in their own
lives.
One Rotarian had been out of work for nearly 2 years. He was on the
verge of despair. With tears in his eyes, he announced to the group
that he had just landed his dream job with Pfizer pharmaceuticals and
that he would now be able to keep his home and stay in the town that he
loved. Relief was written all over his face.
To be sure, our economy still faces many threats--trade wars, bad
monetary policy, runaway Federal spending--but, clearly, the tax reform
is working. From what people are telling me, if it isn't yet morning
again in America, it is at least a new dawn.
Mrs. MIMI WALTERS of California. Mr. Speaker, 90 percent of Americans
will see an increase in take-home pay because of the Tax Cuts and Jobs
Act.
Under this new law, a typical middle-income family of four will see
an average tax cut of over $2,000. Those cuts will vary from State to
State. In California, a family of four will see a cut of $2,840, and in
New York, $3,129.
Individuals and families will take this money and put it toward their
retirements, mortgage payments, or college savings.
There are over 400 Chipotle locations in California. In fact,
California has the most Chipotle restaurants in the country. Since the
Tax Cuts and Job Act passed, Chipotle is providing hourly and salaried
workers with bonuses up to $1,000 or a stock grant. The company is also
improving employee benefits and has announced plans to provide
additional paid parental leave. These bonuses and increased benefits
make a big difference in people's lives.
Chipotle also plans to spend $50 million to renovate its stores. This
means opportunities for construction companies and numerous small
subcontractors, which will invigorate local economies, including my
home of Orange County.
Tax reform is spurring the free market economy to provide opportunity
and an increased standard of living for all Americans.
Mr. Speaker, according to a recent survey, the Tax Cuts and Jobs Act
has significantly improved the economic outlook for small businesses.
The survey recorded historic highs in the small business confidence
index, showing that support for tax reform is growing within the small
business community.
In fact, small businesses have rallied around the new tax policy,
with over half of the country's small-business owners viewing the law
as having a positive effect on their business. Nearly half of small
businesses expect to see immediate tax benefits this year. Small
businesses are the leading job creators in our country and are the
engines of economic growth.
Mr. Speaker, McDonald's is one of the largest employers in
California, with over 1,000 locations. Following the enactment of the
Tax Cuts and Jobs Act, McDonald's announced plans to contribute $150
million to cover tuition costs, expanding its current Archways to
Opportunity education program.
Nearly 400,000 employees are eligible for benefits that can be used
toward college or trade school. McDonald's now offers $2,500 per year
in tuition benefits for crew members, and $3,000 per year in tuition
benefits for store managers.
Thousands of McDonald's employees will benefit from this enhanced
program, and it is thanks to tax reform that companies like McDonald's
are able to do more to empower their employees.
Mr. Speaker, I yield back the balance of my time.
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