THE WHITE HOUSE
Office of the Press Secretary
FOR IMMEDIATE RELEASE
March 14, 2018
*_PRESIDENT DONALD J. TRUMPS TAX CUTS ARE A WINDFALL FOR AMERICANS_*
At the heart of our plan is tremendous relief for working families and for small businesses.
President Donald J. Trump
*TAX CUTS COME HOME: President Trumps 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.
o 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:
o Central Bancompany has announced bonuses of either $1,000 or $500 to 2,500 employees.
o 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.
o 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.
o Great Southern Bancorp will give a $1,000 or $500 bonus to 1,200 employees.
o Hawthorn Bank has announced bonuses of either $1,000 or $500 to its more than 300 employees throughout Missouri.
o Hunter Chase and Associates has given employees and extra week of vacation and started hiring new employees.
o Kansas City Southern has announced $1,000 bonuses to many of its 6,485 employees.
o Mid-Am Metal Forming has announced that its 140 employees will receive cash bonuses.
o Tyson Foods has announced bonuses of $1,000 or $500 to many of its 5,800 employees in Missouri.
o 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 Presidents 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.
o The new tax law changes our current worldwide system to a territorial system, thereby ending the penalty on countries headquartered in the U.S.
o 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 Trumps tax cuts are already boosting paychecks of workers across the country.*
The Presidents 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.
o 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.
o The Child Tax Credit has nearly doubled to $2,000 for each child under the age of 17.
o 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.
Public Pool is an automated feed of White House press pool reports. For live updates, follow @WHPublicPool on Twitter.