Mitchell Highlights Benefits of the Tax Cuts and Jobs Act
WASHINGTON – Yesterday evening, Rep. Paul Mitchell (MI-10) led a group of members from the Michigan and Illinois delegations in one hour of speeches on the House floor to share the benefits of Tax Cuts and Jobs Act in their home districts.
Remarks (as delivered):
Mr. Speaker, this is the second week of the Tax Truth Squad effort to share the facts, the real facts about the Tax Cuts and Jobs Act, and the impact it has already had on the American economy and the American people.
I am pleased to be here with my fellow colleagues representing Michigan and Illinois. These two states include diverse industries and diverse people, from farmers, to bankers, to manufacturers.
I am humbled to represent the hardworking people of the 10th Congressional District and the Midwest. This is exactly what the Tax Cuts and Jobs Act has done: helped our constituents work every day supporting their family and helped their local economy. My colleague before me proceeded to speak about we should pay attention to the needs of those close to and living in poverty. Well, I wish he had stayed. I grew up in poverty.
Like many in Michigan, I grew up in a large family. I have six brothers and sisters. My dad had a good job building trucks on a line at General Motors. My mom often had a full-time job to help make ends meet. That is why I committed to supporting policies that create real economic growth and economic opportunity for families like the one in which I grew up.
I was but a young pup in 1986, the last time our tax code was modernized. Since then, the tax code grew to 74,000 pages of rules and regulations that have only confused people. You would need to be a wizard to understand what is in the tax code as it stood at the end of the year. That is why I promised my constituents, when I came to office, when I ran for office, I would work hard to achieve meaningful tax cuts and reforms for the American people.
I believe Americans can, and should, make independent decisions about the use of their own money, the money they work for, not the government. The government shouldn't come first. The Tax Cuts and Jobs Act allowed hardworking individuals and business owners to do just
Across the nation and back home, we have already seen the direct impact of the Tax Cuts and Jobs Act. More than 400 companies have already announced pay raises, bonuses, and increased 401(k) contributions and benefits, or, in the case of utility companies, lowered rates.
Direct bonus announcements have already reached over $3 billion across this Nation. Let me repeat that: $3 billion. Companies in Michigan have already committed more than $180 million in bonuses to employees.
A couple of examples: Fiat Chrysler, one of the state's largest employers, is reinvesting its tax savings to its employees in our community, in addition to giving a $2,000 bonus to 60,000 employees - and that is in addition to profit sharing as part of their contract Fiat Chrysler announced it will move heavy-duty Ram truck production from Mexico to Macomb County: a $1 billion investment that will create 2,500 jobs.
In my district, Michigan's 10th, Lakestone Bank & Trust, a small community bank, operating in Lapeer, St. Clair, and Macomb Counties, gave hourly employees $1 an hour raise. I know some consider that to be crumbs. Where I grew up, $1 an hour more is real money. They gave all of their salaried employees a $1,000 bonus saying: ‘We are very appreciative of all Lakestone Bank & Trust employees and certainly what they have accomplished over the years. This is a once-in-a-lifetime opportunity, and we know we want to reinvest much of the savings in the tax bill back into our bank, and the first place we are going to put it is into the hands of our employees. Employees are our most important asset.’
Stories like this are not unique. From CVS to Chipotle, and AT&T to Wells Fargo, they are reinvesting tax reform savings in our hardworking employees in our communities throughout the country.
This is the second week of the Tax Reform Truth Squad--we are calling it--an initiative where Members from States across the Nation are invited to tell their stories about the benefits of tax reform. There are countless stories they are anxious to express.”