“By nearly every standard measure, the American economy is doing well — and better than it was a year and a half ago. . .” (The New York Times, 8/10/18)
Tax reform stories keep coming. With the economy booming, historic tax reform continues to deliver on its promises, directly improving the lives of America’s workers and families:
- In Wichita, Kansas, Legacy Bank has approved a mid-year bonus for all of its employees “after the federal government’s Tax Cuts and Jobs Act, signed into law in December, lowered tax rates for businesses and individuals.” (Wichita Business Journal)
- Minnesotans are getting a refund on their electricity bills: Tax reform has led to lower electricity bills for households in at least 48 states and Washington, D.C. Customers in Minnesota will be getting a credit on their electricity bills: “Xcel Energy says most of its $136 million gain from last year’s federal tax act will go directly to its customers.” (WCCO)
- Emerson, which already raised salaries as a result of tax reform, is now offering employees new and improved benefits as a result of tax reform, including enhanced medical and dental plans, improved paid parental leave, and a contribution to 401(k) plans. So, for those workers, it’s bigger paychecks, and better benefits too, all on account of tax reform. (NAM)
- “We have added five more positions, we’ve expanded our factory. . .” That’s the CEO of Joseph’s Lite Cookies, who talked about how tax reform has had a direct impact on his company, where they also gave out big raises. One of the employees who got a raise told him, “The first thing I am doing is I am going to go out and buy a reliable car for my wife and my two baby girls to be in, so I don’t have to worry about that.” (Daily Signal)
- More money continues to come back from overseas. Proctor & Gamble this week became the latest company to announce it has repatriated money from overseas after tax reform, putting billions directly back into the U.S. economy. WCPO notes that “it’s clear from corporate earnings calls that overseas profits are finding their way back to U.S. company coffers.” (WCPO)
‘Armageddon’ update! All this good news is a far, far cry from the ‘Armageddon’ Democratic leaders predicted. Speaking of which, just this week Leader Pelosi came out and “enthusiastically” doubled down on that doom-and-gloom prognostication. She did this even while conceding that “they say that the economy by all indicators is doing well.” Ah, okay.
“The biggest indicator,” she says, “is the size of the paycheck.” So then it’s good news that so many people are indeed seeing bigger paychecks after tax reform. In fact, worker pay and benefits are rising at their highest rate in 10 years.
Better off now. Some good news features you may have missed this week:
- Here are snapshots of how workers are doing better in this economy, especially those who have had the toughest time finding work.
- The economy keeps getting great reviews, including record optimism among small business owners.
- We compiled seven graphics that help tell the story of how Americans are better off now.