It seems as if every time you turn on the news, another U.S. company is announcing employee bonuses, pay raises, or increased benefits because of tax reform. I’ve been pleased to see several of these companies are either based in Missouri or employ Missourians. For example, Walmart, our state’s biggest employer, is raising its starting wage to $11 and expanding family leave benefits. And recently, Tyson Foods, which employs 5,800 Missourians in five plants across our state, announced they’ll hand out bonuses and expand training and educational development programs for their workers thanks to the new tax code.
There’s more good news. Starting this month, thousands of Missourians are receiving bigger paychecks under the Tax Cuts and Jobs Act. According to the Boone County auditor, the county’s 485 employees will take home, on average, $75 more in each paycheck, or $150 a month. That adds up to $1,800 a year. All told, Boone County expects to send around $950,000 less to Washington this year – keeping that money in the community and boosting local businesses.
Here are a few more examples of how tax reform is already having a positive impact on Missourians:
• “My pay that I receive in February just came through and I am very pleased that I will receive approximately a 5% increase due to the new withholding as a result of the recently passed Tax Bill. I do not consider increase as ‘crumbs.’” – Daniel, Climax Springs, Mo.
• “Thank you for supporting the new tax plan. It is almost a $700 raise in my wife’s yearly income!” – Murray, Slater, Mo.
• “[Tax reform] will provide us with an opportunity to do further capital investment in the company, give consideration to raises for the employees, and just in general better serve our clients.” – Jeff, CPros Inc., Blue Springs, Mo.
• “This extra little bit of money in our pockets each week gives us something to give back to our community, church and fellow citizens who are less fortunate!” – Nina, Lake Saint Louis, Mo.
• “[The tax reform bonus] was a nice surprise. I’ve got a teenage daughter. Any time there’s extra money, it always comes in handy.” – Frank, Dynamic Fastener, Raytown, Mo.
And we’re just getting started.
By doubling the standard deduction, doubling the child tax credit, and reducing individual tax rates, Missourians will be able to keep more of their hard-earned paycheck and businesses will be able to create more jobs and opportunities for employees to move up the economic ladder.
I’m sure we’ll continue to hear more stories like the ones above from Missourians who are seeing the benefits of tax reform in their daily lives, and I’d like to hear from you. If you and your family have benefitted from the new tax code, I hope you’ll take a minute to share your story with me here.
I agree, between my wife and I we are bringing home more than $600/ month more than compared to the last three months of '17. It damn sure isn't "crumbs". That's a modest house payment for some, a nice car payment for most.
ReplyDeleteDon't count your money until you pay your taxes next year. You are currently dealing with with holding and have not felt the effects of the deductions you have been stripped of.
ReplyDeleteYessireee Bob! We gonna look like Kansas in NO TIME!!!
ReplyDeleteAnd, for goodness sake, don't even think about how much more those with higher incomes and corporations are getting! $600 a month for two income households vs multi-millions for companies and their upper echelon employees. Individual benefits sunset; corporate cuts don't.
ReplyDeleteSome retirees don't benefit from the tax reforms. They do experience inflation, though. The utility companies have rate increases in process constantly. The taxes and insurance on the houses go up. Groceries are more expensive. The proposed 25 cent per gallon gasoline tax will certainly take a higher percentage of wages from those who make the least. And, retirees are the fortunate ones! They have health insurance, don't have to drive to work and don't need to be in fashion.
ReplyDeleteJust a reminder on the national debt. It's estimated to grow to thirty trillion in the next decade. That's $30,000,000,000,000. Sorry legacy, isn't it?
@445 Already pro-rated that out and we'll be just fine, slightly less back next year but still much less will be paid out in taxes. Less interest free money for the government is fine by me.
ReplyDeleteDon't forget that less going to Feds means less coming to states. Missouri usually gets more than it sends and that could come to screeching halt in which case Missouri raises sales tax. No win for the future as 9:00AM points out. Have you ever heard of a person on Social Security shouting at the top of their lungs how wonderful their latest COL was and do not have a clue what to do with all that new money. Millionaires win and common folk lose and that is the way it is.
ReplyDeleteSo far 3 billion in Trump Thousandaire Bonus'. 90 Billion in stock buy backs and dividends.
ReplyDelete@11:36. Well goody for you. If your feeling all rich over that amount just imagine what the top 10% are feeling right now. Just try to imagine the corporations paying out all of those MILLION dollar bonuses. Yours will end in a few years. The corporations will continue on.
ReplyDeleteWhere do you think the money comes from to pay for infrastructure, military, education funding etc? You will be paying much higher taxes once this little dream dies in a few years. The increase in tax on gasoline will probably be starting pretty soon. I guarantee you will feel it more than the top 10%. Someone will have to pay down the deficit and it won't be your rich corporate buddies. It will be the middle and lower classes. Enjoy it now chief. You will be feeling it and regretting it later. You may want to take your windfall and start a savings account. Save all of that up for when they destroy social security.