What tax reform means for Kentucky and Tennessee

Thanks to House Republicans’ pro-growth policies like lifting regulations and cutting taxes, consumer confidence is at higher levels than we’ve seen in 18 years.

Compensation increases for small business workers are the highest level in nearly 20 years.

And the U.S. unemployment rate is at the lowest level it has been since the year 2000.

Representatives from Kentucky and Tennessee have been sharing how our pro-growth, pro-family agenda is helping families, workers, and small business owners across the country. A typical middle-income family of four in Tennessee will see a tax cut of $2,025. In Kentucky, they’ll see a tax cut of $2,091.

Check it out what these representatives have to say:

Rep. Brett Guthrie (R-KY) on the House floor:

“The Tax Cuts and Jobs Act doubled the standard deduction for both individuals and couples. For the 75 percent of residents in Kentucky’s Second District who take the standard deduction, this is an automatic tax cut. Additionally, individuals in every tax bracket are paying lower rates.

“When I visited Owensboro in February, I met Cheri and Ray Middletown, who own On Time Fab, a small business that provides fabrication services for agricultural, industrial, and commercial productions. Cheri and Ray shared with me that, during the first week of the implementation of the Tax Cuts and Jobs Act, each of the 20 employees of On Time Fab took home more pay as a result of tax reform. One employee took home as much as $56 a week and more than $200 a month. A single dad working for On Time Fab is bringing home an extra $40 each week. Some thought there was a mistake in their paychecks because they are able to keep so much of their hard-earned money, and $40 a week is over $160 a month.

“By cutting the corporate tax rate to make the U.S. competitive globally, the Tax Cuts and Jobs Act has given businesses the opportunity to pass along savings to their customers. For example, residents of 48 States, plus the District of Columbia, are seeing their utility bills go down because of tax reform. In Kentucky, the Public Service Commission has ordered investor-owned utilities to track their tax savings and to reduce rates for hundreds of thousands of Kentucky customers. In fact, the Public Service Commission has already announced that Kentucky Utilities’ and Louisville Gas & Electric’s residential electric customers will see their average monthly bills decreased by 6 percent.

“Atmos Energy, which serves western Kentucky, announced in March that it will be cutting the average residential bill by just over 3 percent. Other savings from tax reform will fund infrastructure upgrades across the Commonwealth. Companies in Kentucky have been able to expand their operation because of the Tax Cuts and Jobs Act.

“Owl’s Head Alloys in my hometown of Bowling Green recently announced a $3 million expansion which would create 17 new jobs, bringing their total employment in the Second District to nearly 100 good-paying jobs. When I visited their facility in March, Owl’s Head owner and president, David Bradford, told me that the economic outlook resulting from the Tax Cuts and Jobs Act helped lead to their decision to expand. This is exactly why we passed the Tax Cuts and Jobs Act: to give American businesses the confidence to grow and expand right in our communities, and to help individual taxpayers keep more of their money.

“Some might say that an extra $200 a month is just crumbs. For hardworking Kentucky taxpayers, the extra money can go toward a car payment or a mortgage. It can help pay for a child’s braces or even for regular expenses like groceries. The bottom line is that, with more expendable income in their pockets, Americans across the country have more freedom to choose how they spend their hard-earned money. A typical family of four earning $75,000 can expect to pay $2,000 less in taxes this year compared to last year. I was proud to support the Tax Cuts and Jobs Act, and I am proud to report that tax reform is making a real difference in the lives of Kentuckians.”

Rep. David Kustoff (R-TN) on the House floor:

“We are all enjoying a robust economy that is the best it has been in a long time. Just last week, in my district in west Tennessee, in the Eighth Congressional District of Tennessee, two major announcements were made in my district. In Lake County, Excel Boat Company announced they will be opening a manufacturing plant that will bring 200 good-paying jobs and a total economic development investment of $9 million.

“Additionally, in my district, a South Korean manufacturer announced a $13 million investment in Martin, Tennessee, and 220 job opportunities at the company’s first United States-based location. Prior to that, just 1 month after the passage of the Tax Cuts and Jobs Act, FedEx announced an investment of more than $200 million to raise wages for their employees.

“Then two months later, FedEx continued their post-tax reform action and committed over $1 billion to expand their express hub in Memphis. Another company in the Eighth Congressional District, Dot Foods, which has a location in Dyersburg, Tennessee, announced $500 in bonuses for each of their 4,800 full-time employees nationwide. I am also proud of First Horizon Corporation, also known as First Tennessee Bank, which is based in Tennessee, with branches all across the Volunteer State. They invested tax reform savings in their workforce. Not only did the bank give eligible employees a bonus, they also increased their minimum wage to $15 an hour. This was because of tax reform.”

Rep. Diane Black (R-TN) via FoxNews.com: Tax cuts work because you do a better job than government spending your money

This is what tax reform is all about: helping taxpayers, especially middle-income families and small businesses, put more money in their pocket so they can choose what to do with it. At the end of the day, everybody benefits from this reform.

I’m proud of our accomplishment because it means people can breathe easier – and with confidence. You know how to spend your money better than the government. It’s as simple as that.

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