What tax reform means for Colorado

Jun 29, 2018 | Communications •

Every American deserves the opportunity to pursue their own unique version of the American Dream. That key principles was what inspired the Tax Cuts & Jobs Act, Republicans’ pro-family, pro-growth tax reform legislation.

Tax reform became law six months ago, and since then one million jobs have been created, wages are growing, and small businesses are increasingly optimistic. In Colorado, families, workers, and small business owners are finally getting ahead when for so long we had a tax code that barely let them get by. For more on our work, visit FairandSimple.gop, and be sure to check out what House Republicans from the Centennial State had to say about why they voted for tax reform, and what it’s meant for their communities at home:

Rep. Scott Tipton

“Madam Speaker, I supported the Tax Cuts & Jobs Act because, as a former small business owner, I know the immense challenges a complex tax code can present to business owners, workers, and families alike.

“When H.R. 1 was signed into law, it opened the door to a new era of prosperity for Colorado and for our country, and the evidence is all around us: We have already seen over one million jobs created; hundreds of companies have contributed $4 billion in bonuses, impacting over four million workers; the unemployment rate is at the lowest level that we have seen in a half a century; and small business optimism has hit an all-time high.

“In Alamosa, Colorado, a small town in my district, tax reform has helped First Southwest Bank stay in town and provide financial services products to its community, a key driver of economic growth and success in smaller towns around the country.

“As CEO Kent Curtis said after the passage of tax reform: ‘We’re excited to take advantage of the tax reform and give the positive impact it has on First Southwest Bank right back to our team members and the rural Colorado community. By being able to provide a higher living wage to our starting employees and invest in our team, we can be a catalyst for economic growth and reaffirm our commitment to a better quality of life in all of the rural Colorado communities our branches serve.’

“First Southwest Bank has raised its starting wage to $14 an hour plus full benefits, a major success for a small community in southwest Colorado.

“It is exactly businesses like this that are committed to their communities and to their neighbors that this historic tax reform package was intended to help.

“Increased wages, along with changes to the tax bracket and standard deduction, mean Coloradans across the Third District have higher earning potential and can keep more of their hard-earned money, which spells economic growth. These improvements can help families take a vacation to one of our beloved national parks, put a down payment on a new car or a home, or be able to pay medical expenses.

“Madam Speaker, the effects of this monumental tax reform effort are felt right here at home, and I am proud of the Coloradans who are working so hard to be able to improve their lives because of the opportunity this legislation has presented.

“If I may, I would like to give you one personal story. I was in my hometown, and I had the opportunity to be able to go to a local restaurant. The young lady who was a server has two children. She went out of her way to come up and tell me that the extra $50 to $60 per week that she is getting in her paycheck is making a real difference in her family’s life.

“I told her there is better news actually coming, because when she gets ready to file those taxes this coming April 15, she is going to find that her personal exemption has doubled and that for her children, that child tax credit that she has counted on has doubled as well, putting more resources back into the pockets of the people who earn that money.

“As my colleague from Arizona pointed out, when we put those resources back to work, back to work in that American economy, we find that it yields what many of our colleagues on the left would like to see more of: tax revenues coming into the government to be able to provide some of the essential services that we all know that we need.

“But we need to be the country that is creating that fertile soil to be able to grow businesses, to be able to create opportunity for the future, and to be able to deliver on that promise for the American Dream for all of our children. This is a program and a policy that works on behalf of the American people.”