Today President Trump will be hosting a campaign rally in Hershey, Pennsylvania. Pennsylvania residents are raking in the benefits of the Tax Cuts and Jobs Act, signed into law by Trump.
Thanks to the Tax Cuts and Jobs Act:
Tax cut: Every income group in every Pennsylvania congressional district saw a tax cut.
Doubled child tax credit: 840,120 Pennsylvania households are benefiting from the TCJA’s doubling of the child tax credit.
Standard deduction: 4,418,190 Pennsylvania households are benefiting from the TCJA’s doubling of the standard deduction.
Obamacare individual mandate tax relief: 166,680 Pennsylvania households are benefiting from the TCJA’s elimination of the Obamacare individual mandate tax. Most households hit with this tax made less than $50,000 per year.
Lower utility bills: As a direct result of the TCJA’s corporate rate cut,Pennsylvania residents are paying lower utility bills. Lower electric, water, and gas bills help households each month, and also help small businesses operating on slim profit margins. Pennsylvania examples of utilities passing on tax savings to customers include – but are not limited to – Pike County Light & Power Company, PPL Electric Utilities Corporation, Wellsboro Electric Company, and more.
Thanks to the TCJA’s corporate tax rate cut – from 35 percent to 21 percent – and the TCJA’s 20 percent tax cut for small businesses, employers of all sizes are hiring, expanding, increasing pay and benefits, and paying special tax-cut bonuses:
Hudson Facades (Linwood, Pennsylvania) – $3,000 in every factory worker’s 401(k); increase base wage pay:
“We raised wages, yes,” said Allen Cohen, managing partner of New Hudson Facades, of the approximate 5 percent raise given to employees. “In addition to that, Related Companies [a partner company] has given every factory employee, $3,000 in their 401(k).” – Feb. 20 2018, WHYY article excerpt
Guy Chemical Company Inc. (Somerset, Pennsylvania) – Increased bonuses, increased wages, and investments in new equipment – a new forklift, new laboratory furnishings, updated computer equipment, and new software system:
Guy Chemical is increasing bonuses between 25 – 50%, increasing wages and investing in new equipment. So far in 2018 we bought a new forklift, furnished a new laboratory and updated some of our computer equipment. We have also invested in a new ERP software system to run our company. – April 4, 2018 statement to Americans for Tax Reform from Guy Berkebile, President of Guy Chemical Company Inc.
Dollar Bank (Pittsburgh, Pennsylvania) – $2,000 permanent raises for employees making $60,000 or below:
Four months after most banks moved to give employees some of the anticipated savings from the Tax Cuts and Jobs Act, the $8.3 billion-asset Dollar is giving workers with annual salaries at or below $60,000 a $2,000 raise. About 60% of Dollar’s 1,300-person workforce will get raises, Senior Vice President Joseph B. Smith said Monday.
CEO Jim McQuade announced the raises May 2 in an in-house video message. They went into effect May 1. – May 7, 2018, American Banker article excerpt
Erie Insurance (Erie, Pennsylvania) – $1,000 bonuses; $1,000 contribution to employees’ 401(k) accounts:
Erie Insurance CEO Tim NeCastro called an all-employee meeting Wednesday to deliver a bit of good news — a few million dollars worth of good news, in fact.
Like many corporations, the company was expected to benefit from the new tax code that President Donald Trump signed into law in December.
NeCastro has announced that the company will share those benefits with its employees by giving a $1,000 cash bonus to permanent full-and part-time employees.
In addition, the company will contribute $1,000 to the account of any employee who has a 401 (k) retirement savings plan. – March 23 2018, Go Erie article excerpt
Blair Strip Steel Company (New Castle, Pennsylvania) — The Tax Cuts and Jobs Act allowed the company to raise wages, hire new people, and buy new equipment.
“I want to thank Mike Kelly for his role in the successful effort to reduce taxes on behalf of the company and it’s employees, said Bruce Kinney, president and CEO of Blair Strip Steel Company. His efforts are a key part of rebuilding and sustaining a healthier manufacturing climate in Pennsylvania and across the United States.” — August 6, 2018 NAM Shopfloor Blog
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