What tax reform means for the Carolinas

Democrats are at it again — calling the bonuses, benefits, and pay raises resulting from the Tax Cuts & Jobs Act “crumbs.” But as this student at Georgetown so appropriately put it, thousands of dollars are only crumbs to a person like Nancy Pelosi, but to small business owners, working families across the country, and those who are being hired by small business owners, they’re not crumbs — “they’re the whole loaf of bread.”

Those families, workers, and small business owners are who Republicans had in mind when they passed tax reform, and who representatives from North Carolina and South Carolina highlighted on the House floor. More on that ↓ and more on the Tax Cuts & Jobs Act can be found at FairandSimple.gop.

EDUCATION AND THE WORKFORCE COMMITTEE CHAIR VIRGINIA FOXX (R-NC):

“The Lord has blessed me with living in one of the most beautiful places in the world, the Fifth District of North Carolina. I am very, very grateful for it. Last week, Tax Day was, for once, an occasion to celebrate because this was the last time Americans filed under the broken 32-year-old tax code. Next tax season, they will file under the Tax Cuts & Jobs Act passed by this Congress last December.

“Across the Fifth District of North Carolina, the Tax Cuts & Jobs Act has already relieved North Carolinians who are cashing bigger paychecks and benefiting from the country’s lowest unemployment rate since 2000. According to the Bureau of Labor Statistics, North Carolina added 9,000 jobs this February alone. And thanks to lower rates for individuals and small businesses under the new code, North Carolinians are keeping more of their hard-earned money.”

This year, married couples in the Fifth District who take the new standard deduction could receive a tax cut to the tune of $1,834. For the over 52,000 taxpayers of the Fifth District who have small business income, these tax savings are not ‘crumbs,’ as my colleagues on the other side of the aisle falsely assert.

A restaurant owner in Mount Airy recently told me that allowing immediate capital expensing under the Tax Cuts & Jobs Act empowered her to purchase a new $20,000 piece of equipment for her business. You spoke of the Business Roundtable. The Business Roundtable reports that 68 percent of business leaders similarly expect their capital spending in the next six months to be at its highest in 15 years. This increased purchasing power for the backbone of our economy is evidence that pro-growth tax cuts work.”

”Just last week, as part of its initiative to invest in community health with its tax savings, BlueCross and BlueShield of North Carolina gave $1 million to Winston-Salem State University’s nursing school. North Carolina is projected to have the second largest nurse shortage in the Nation. This investment will develop the Fifth District’s medical workforce and increase access to high-quality health care, especially in rural areas. This is just one of the many examples that illustrates how philanthropy has fostered and communities are developed when the government scales back.

“Mr. Speaker, I am pleased that House Republicans kept our promise to bring about more jobs, fairer taxes, and bigger paychecks for hardworking Americans; but I am more proud of the hardworking men and women in the Fifth District who are seizing the opportunities unleashed by the Tax Cuts & Jobs Act to create wealth and serve their communities.”


REP. JOE WILSON (R-SC):

“Last year, House Republicans made history by passing the first meaningful tax cuts in 32 years…last year, House and Senate Republicans came together, inspired by President Donald Trump, to make the tax code more fair, more simple, and less burdensome for the middle class…I am grateful that families all across America today are already seeing the direct benefits of the Tax Cuts & Jobs Act.”

“We are here to highlight stories from across North Carolina and South Carolina of everyday families and small business owners getting to keep more of their own hard-earned income…An average middle class family in South Carolina will save $2,311 thanks to the tax cuts…The child tax credit was doubled, from $1,000 to $2,000, making it easier for single mothers and new families to provide for their children. The bill also removed the mandate that required you to buy health care or pay a penalty….The standard deduction doubled to $24,000 for married couples filing jointly.”

“Local success of the law was first heralded in the Second Congressional District of South Carolina, the central part of South Carolina, by Lou and Bill Kennedy of Nephron Pharmaceuticals in Cayce, announcing 125 new jobs and a 5 percent pay increase. They said that they made this decision as a direct result of the tax bill….They may have been the first; they were certainly not the last. I was so grateful.

“I was going through Walgreen’s to pick up some pictures that I was having developed and I ran into Bill Mooneyhan. Bill is the president of the local Cayce-West Columbia Chamber of Commerce. He announced: Hey, Joe, because of the tax savings, our business, our auto repair shop, is going to add a new bay and create new jobs.”

“In February, I visited with Norman Dunagan, owner of Whiskey Alley restaurant and Dumpster Depot, which is a recycling facility in Aiken, South Carolina. I took this opportunity to congratulate him on his expansion resulting from the Tax Cuts & Jobs Act. He opened a third business last year due to the confidence in President Donald Trump and the House Republican leadership. All three of his small businesses are thriving and providing much-needed new jobs.

“That day I also met with Clancy Cipkala, president and CEO of Solara Hospitality of West Columbia. Solara Hospitality is providing bonuses for their hotel hourly associates due to the tax cuts passed by the Republicans.

“In Orangeburg, South Carolina, South State Bank provided a $1,000 bonus to their employees. In a rural area like Orangeburg, a $1,000 bonus can make a huge difference for families. It can provide an opportunity for families to buy extra school supplies, pay down debt, make an investment in the future, start or add to an emergency fund, or take a much-needed family vacation.”

“…Americans should keep their hard-earned tax dollars, and it is shocking to hear the other side of the aisle say that they would repeal the tax cuts if they get a majority in the House come November, resulting in tax increases on American families, destroying jobs. Sadly, I suspect a lot of families and businesses being highlighted today will be shocked—but maybe not so shocked—to hear that Democrats are campaigning on raising taxes, destroying jobs. I sincerely hope that Americans across the country know that Republicans will continue to do all that we can to our ability to increase take-home pay to families, reduce the tax burdens on seniors, and create more efficient and effective government that works for you and provides opportunities for the young people of America.“


REP. RALPH NORMAN (R-SC):

“Mr. Speaker, I rise today to tell you that the Tax Cuts & Jobs Act is working. It is working in South Carolina’s Fifth Congressional District, and it is working across the country. It is working for individuals and families who are seeing more money in their paychecks each month, and it is working for the companies that are investing the savings from tax reform into their employees.

“Over the past few weeks, I have spoken with and visited the businesses of South Carolina that are putting these savings right back into the local communities. Early this month, LPL Financial announced that they will be investing these savings into their employees by increasing its 401(k) match to 75 percent and reducing the time for new hires to qualify for this match by six months….this personally touches 2,000 constituents in the Fifth District of South Carolina. That is 2,000 more families that now have a greater opportunity to save and see the light of a brighter future ahead.

“Mr. Speaker, just today, I visited a UPS store in Gaffney, South Carolina. Because of tax reform, UPS has announced over $12 billion in investments and an increase in pension funding.

“During my UPS visit, I put on a uniform and assisted a delivery driver during a ride-along. I heard directly from the hardworking employees about how this news will impact them and all of their loved ones. I don’t think I speak just for myself when I say that we want jobs to come and stay in America. We want businesses to expand and to hire people in our communities.

“By reducing tax rates and simplifying the tax code, we are allowing companies to make these investments in their employees, in their communities, and in growing their businesses. I look forward to continued opportunities to learn, see, and talk about the success of this tax reform. We promised fairer taxes, higher wages, and more jobs…we have delivered.”


REP. ROBERT PITTENGER (R-NC):

“I had a lady at a gas station the other day–I was getting my gas, and she was pumping her gas. She looked at me, and she said: Are you Congressman Pittenger? I said: Yes, ma’am. She said: Thank you. I am a single mom. I have got that little baby in the back seat, and what you have done for me is give me another $150 a month, and I really can’t tell you how much I appreciate what you are doing.”

“Regardless of what the left says, the media says, or anyone else, the reality is jobs are expanding, paychecks are going up, people are getting bonuses. In Charlotte alone, we have Bank of America giving out bonuses; we have Charlotte Pipe and Foundry, SteelFab, American Airlines, so many. 500 companies in this country have given out bonuses to their folks, and probably so many more we don’t know about.”

“People can look at their paycheck and see they are keeping more of their own money. This is not from the government. This is their own money. How important this is, and how it enables families to have a better life. And for the young people of our country, how positive this is.”