By Congressman Tom Cole
If you are an American taxpayer, you most likely have bills that need to be paid on a schedule, like an electric bill or a car payment. For many taxpayers, paying those bills might just get a little easier this year.
The new tax code has already promised bigger paychecks for individuals and families, but the wave of its effects since passage into law is being realized across the nation from the corporate level to the individual taxpayer.
In the immediate weeks since the president signed the tax reform bill into law, many companies – big and small - have pledged to give generous bonuses, expand production, provide raises and create more jobs.
In fact, according to a recent survey by NPR/PBS NewsHour/Marist, the new tax code has had a significant rise in popularity in just one month, with many Americans agreeing that it will help them and their families.
The new tax code will provide much-needed relief for businesses, and the results have already been positive.
Countless businesses, in anticipation of increased earnings and expanded markets, have provided bonuses to more than 2 million employees. Additionally, some companies have also announced raising wages.
With pledges to invest in the economy and create thousands of more jobs, these steps are guaranteed to bring economic growth in the long run.
One of the world’s top 10 largest corporations, Apple, recently announced they would give thousands of its employees generous bonuses, standardize the minimum wage to $15 and create 20,000 more jobs.
There is no question that tax reform has given Apple and other corporations the ability to reinvest in their employees and support the U.S. economy.
For Oklahomans, the good news is local as well. Recently, AAON Heating and Cooling and Express Employment Professionals both announced that they will give bonuses to their employees, and the Oklahoma Corporation Commission (OCC), which oversees numerous gas and electric utilities, voted to force utility companies to pass through approximately $150 million in corporate tax cuts to customers.
This means lower utility bills for the millions of Oklahomans that use the companies under the OCC’s jurisdiction and huge savings for households across the state.
Larger corporations that have a major presence in Oklahoma are benefitting thousands of Oklahomans as well.
Boeing, American Airlines and Southwest have all awarded bonuses to thousands of employees respectively, which will certainly support the many Oklahomans employed by them. Wal-Mart, which has 33,000 employees in Oklahoma, has raised its starting minimum wage to $11, expanded benefits like maternity leave and will also award a $1,000 bonus to its employees.
It will not be long before we begin to see the effects of tax reform in our homes, communities and businesses.
Bigger paychecks, smaller bills and more return on taxes will contribute to consumer confidence and ultimately economic growth. The proof is in the results – the new tax code is working.