U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, this week discussed how reforming the business tax code through the Tax Cuts and Jobs Act has helped create jobs and expand opportunities for the American worker. Thune continued by discussing how businesses have offered pay raises, bonuses, and 401(k) match increases. Businesses have also expanded, and utility rates have been cut throughout the United States. These new opportunities and benefits for the American worker are helping the economy to grow.
Excerpt from Thune’s speech:
“When it came time for tax reform, we set out to improve the playing field for American workers by improving the playing field for businesses as well.
“To accomplish that, we lowered tax rates across the board for owners of small and medium-sized businesses, farms, and ranches.
“We lowered our nation’s massive corporate tax rate, which up until January 1 was the highest corporate tax rate in the developed world.
“We expanded business owners’ ability to recover investments they make in their businesses, which will free up cash that they can reinvest in their operations and their workers.
“And we brought the U.S. international tax system into the 21st century by replacing our outdated “worldwide” system with a modernized territorial tax system, so that American businesses are not operating at a disadvantage next to their foreign competitors.
“The goal in all this was to free up businesses to increase investments in the U.S. economy, hire new workers, and increase wages and benefits.
“And I’m happy to report that that’s exactly what they’re doing.
“Since tax reform became the law of the land, we’ve seen a steady drumbeat of businesses announcing good news for American workers.
“So far, more than 500 companies – and counting – have announced pay raises, bonuses, 401(k) match increases and other benefits, business expansions, and utility rate cuts.”