Ferguson: The benefits of tax reform are already visible
The Tax Cuts and Jobs Act was signed into law just over a month ago, but Georgians, and folks across the United States, are already feeling the positive impacts of comprehensive tax reform.
In fact, over 155 major companies across the country have announced bonuses, pay raises and new investments in their businesses and communities that will benefit over 3 million Americans.
I am thrilled that a number of Georgia companies are included in this list. Total System Services (TSYS), a Columbus-based company, gave their employees bonuses as a result of tax reform, as did Georgia companies Carl Black and Yancey Bros. Georgia-based Sun Trust and United Parcel Service also announced additional investments in their employees and communities including pay increases, increases to retirement savings and capital investment.
It is always exciting to hear these announcements from major employers around our state, but the benefits of tax reform are not just felt by employees at major corporations. Main Street job creators right here in Georgia’s Third District are growing their businesses and reinvesting in their workers because of the Tax Cuts and Jobs Act as well.
In Griffin, Shred-X, a small business providing paper shredding and recycling services to over 3,000 clients throughout Atlanta and central Georgia, plans to use the additional savings from tax reform to buy a new truck and potentially hire a new employee. For a company of ten people, that makes a huge difference.
As Shred-X owner Cade Joiner said, “This is just one practical example of how tax reform is helping us here on Main Street.”
The positive impacts of tax reform will be felt by millions more Americans this month as updated withholding tables take effect. As employers implement the tables, Americans across the country will begin to see the tax cuts reflected in bigger paychecks. This means keeping more of your hard-earned money to spend as you see fit.
I have long said that Americans know how to spend their hard-earned money far better than bureaucrats here in Washington, and I look forward to seeing our economy continue to thrive as Georgians reap the benefits of the Tax Cuts and Jobs Act.
Drew Ferguson is the U.S. Representative for Georgia’s 3rd congressional district. He formerly served as the mayor of West Point.