TAX CUTS COME HOME: President Trump’s tax cuts have brought real, tangible benefits to American families and businesses.
- As a result of tax reform, over 430 companies have announced pay raises, bonuses, or 401(k) hikes, benefitting over 4 million Americans.
- American businesses have announced more than $4 billion in bonuses directly as a result of tax reform.
- Businesses across Missouri have announced bonuses that will boost Americans’ paychecks:
- Central Bancompany has announced bonuses of either $1,000 or $500 to 2,500 employees.
- College of the Ozarks will provide every employee with a $204 bonus and will be passing on healthcare plan savings as a result of the ObamaCare mandate repeal.
- Dynamic Fasteners announced bonuses of up to $1,000 to its more than one hundred workers, and will hire more employees and open a paint shop.
- Great Southern Bancorp will give a $1,000 or $500 bonus to 1,200 employees.
- Hawthorn Bank has announced bonuses of either $1,000 or $500 to its more than 300 employees throughout Missouri.
- Hunter Chase and Associates has given employees and extra week of vacation and started hiring new employees.
- Kansas City Southern has announced $1,000 bonuses to many of its 6,485 employees.
- Mid-Am Metal Forming has announced that its 140 employees will receive cash bonuses.
- Tyson Foods has announced bonuses of $1,000 or $500 to many of its 5,800 employees in Missouri.
- Walmart has raised its company-wide minimum wage to $11 an hour and announced $1,000 cash bonuses, benefitting the 25,700 people in Missouri employed by the company.
UNBURDENING BUSINESS: The new tax cuts dramatically lower the tax burden on American business, unleashing a new era of economic growth and making the U.S. more competitive.
- The President’s tax cuts reduce the top Federal tax rate from 35 to 21 percent, unburdening American business and making U.S. businesses more competitive on the international stage.
- S corporations, sole proprietors, and other “pass-through” business will be able to deduct 20 percent of their qualified business income.
- American business will be able to deduct 100 percent of their capital investments in the year the investment is made for the next 5 years.
- The Tax Cuts and Jobs Acts will help bring back wealth back to the U.S.
- The new tax law changes our current worldwide system to a territorial system, thereby ending the penalty on countries headquartered in the U.S.
- A one-time repatriation tax will be imposed on income that has already accumulated overseas, eliminating the tax incentive to keep that money offshore.
BOOSTING PAYCHECKS: President Trump’s tax cuts are already boosting paychecks of workers across the country.
- The President’s tax cuts include $5.5 trillion of total tax cuts with more than $3 trillion going to hard-working American families. The new law also includes $4 trillion in tax reforms through the elimination of tax breaks and loopholes that primarily benefited wealthy taxpayers and multinational corporations.
- The Council of Economic Advisers estimates that annual income for American households will increase in the long-run, on average, by $4,000.
- By lowering tax rates, nearly doubling the standard deduction to $24,000 for a married couple, and doubling the child tax credit, President Trump has dramatically decreased the tax burden for the average American family.
- The Child Tax Credit has nearly doubled to $2,000 for each child under the age of 17.
- The refundable portion of the credit has increased from $1,000 per child to $1,400 per child, which means bigger refunds will be paid to many lower- and middle-income families who don’t have enough tax liability to qualify for the full credit.