The Tax Cuts and Jobs Act
The verdict is in: The sweeping tax reform bill signed into law last month is already producing results. As the son of a factory worker who grew up in the blue-collar suburbs of Detroit, I know firsthand how important a bonus or pay raise can be for a family struggling to make ends meet.
Don’t forget: 90 percent of all Americans will see bigger paychecks in 2018.
Read more about the bill below:
Employers here on the Suncoast and across the country have announced generous bonuses, pay raises and plans to expand and hire more workers.
• Kimal Lumber and Hardware owner Al Bavry said the bill will help him hire workers and buy new equipment at his Sarasota business. Kimal opened in 1981 and is one of the few independent lumber dealers still in business in Southwest Florida.
• Spellex Corp., a software development firm in Tampa, will give $1,000 bonuses to its employees. Spellex CEO Sheldon Wolf said, “This is the first time I’ve done anything like this. I’m hoping there are thousands of companies like mine who gave their employees $1,000 bonuses to show our support for the new tax plan which will ultimately help the middle class.”
• SunTrust, one of the largest banks in the Sarasota-Manatee region, said it will boost its minimum wage to $15 an hour and invest $50 million in additional community grants.
• Darden, a Florida-based restaurant group, announced a $20 million investment in its workforce in the next year alone.
• Jones Auto & Towing, a small family-owned business in Riverview, plans to put two additional trucks on the road, creating two new full-time jobs.
From a few dollars to a few hundred, tax reform begins to deliver bigger paychecks to workers.
For the typical family of four earning the median family income of $73,000, with this bill they will receive a tax cut of $2,059.