What tax reform means for Utah

Jun 18, 2018 | Communications •

This week marks six months since the Tax Cuts & Jobs Act was signed into law.  

Every day, we continue to hear stories about Americans seeing more jobs, fairer taxes, and bigger paychecks — just as we promised. With policies like rolling back regulations and pro-family, pro-growth tax reform, our economy is booming and Americans all across the country are feeling relief. For more on that, visit FairandSimple.gop.

To highlight what all the good news means for Utah, House Republicans from the Beehive State share what they’ve been hearing at home: 

Rep. John Curtis

“Shortly after I had been elected, one of my very first votes cast in this Chamber was for tax reform. Since being signed into law, the positive impact tax reform has had on our economy has been absolutely astonishing. Not only has tax reform proven to be a tremendous success across America, it has proven particularly effective in my home state of Utah.

“To simply say the U.S. economy is doing well would be a gross understatement. As a member of the Small Business Committee, I believe that small businesses are the lifeblood of the U.S. economy, and, certainly, they are in my district. That is why I have been pleased to see that the small business optimism index has reached its second highest level in the survey’s 45-year history. Consumer confidence is the highest we have seen in decades, and the unemployment rate in the United States is currently under four percent, and in my home state it is nearly three percent. In fact, for the first time since the Bureau of Labor Statistics has been keeping track, the number of available jobs now exceeds the number of unemployed U.S. workers.

“Not only is the unemployment rate historically low, but 90 percent of American workers also have had higher take-home pay now as a direct result of tax reform. In Utah, we are seeing companies of all sizes investing in their employees by giving pay bonuses and raises. A few high-profile examples include the Larry H. Miller Group of Companies, rewarding 10,000 employees with thousands of dollars in pay and bonuses. Zions Bank gave pay raises to 40 percent of its employees and thousands in bonuses to nearly 80 percent of its employees, and SkyWest Airlines increased bonuses and 401(k) contributions for their employees.

“These are only a few small examples of the many companies passing on benefits of tax reform to hardworking Utahns. Tax reform is not only helping to put more money in hardworking Utahns’ paychecks, but also lowering utility rates as well. Dominion Energy in Utah and the Division of Public Utilities is passing on $17 million in tax savings to its customers by lowering energy rates. Chris Parker, the division director of Utah Division of Public Utilities said: ‘Ever since Federal tax reform legislation was passed, our division has been working closely with the Public Service Commission and utilities to determine the best method to pass on tax savings to Utah customers. Consumers should begin seeing lower gas bills soon.’

“Madam Speaker, in the past few months, I have held over 50 town hall meetings and met with thousands of Utahns. They consistently express their appreciation for Congress’ passing tax reform. They recognize that this historic effort is producing real results for hardworking Utah families. Simply put, Utahns are keeping more of their hard-earned money and are making more money as a direct result of tax reform, and the U.S. economy, for businesses, large and small, is roaring.”

Rep. Mia Love

“I’m pleased and proud…to share the good news about the positive results tax reform is producing for my neighbors in Utah, and especially the 4th Congressional District. The bottom line is: Tax Reform is working in Utah. In the six and a half months since The Tax Cuts & Jobs Act passed, I have been able to address

three of my very important priorities to my neighbors back home: More jobs, fairer taxes and bigger paychecks.

“A lot of wage-earners in my district have higher take home pay since this bill passed. That’s a big deal to most of the people I know, who sometimes struggle to live within their budget. Thousands of Utahns have received raises or bonuses in the first six months of the year. Companies like Comcast, AT & T, Starbucks, Home Depot, and Apple, U-Haul have indicated they will hire more people. That’s a plus even in Utah’s booming economy.

“Companies that are based in Utah are able to do more for their communities, too. For example, utility companies PacificCorp and Dominion Energy have announced they will pass savings on to their customers with lower electric and natural gas bills. These companies say they’ll also improve their infrastructure and service to our growing state.

“Utah’s own Larry H. Miller Companies handed out $1-thousand dollar bonuses to 10-thousand of its employees. That’s a $10-million dollar gesture from CEO Gail Miller, Utah’s First lady of business. She said that she’s –quote- sharing some of her good fortune with the people who helped build her family’s empire. Those are the kinds of Utah values this legislation is elevating.

“Skywest Airlines announced it will help its employees plan for their retirement with increased Performance Rewards and 401 (K) contributions. The company is seeing a bright future because of tax reform, and is helping its employees with their futures.

“To sum up: Tax breaks have come to Utah families, to the tune of more than $2-thousand dollars a year.

Consumer confidence is the highest its been in 18 years. Utah’s unemployment rate is among the lowest in the nation. Our nation’s economy is booming.

“Mr. Speaker, these are all things worth celebrating, and I’m looking forward to continuing our work to help American workers and their families.”