The Tax Cuts and Jobs Act Works
Since the Tax Cuts and Jobs Act (TCJA) was signed into law, we are seeing a booming economy with more jobs, higher wages, the lowest unemployment in decades, and the highest level of small business optimism ever. The TCJA is empowering hardworking Western Pennsylvanians with the economic opportunities needed to achieve their version of the American dream. Here are stories from constituents across Pennsylvania's 12th Congressional District that evidence how the TCJA is benefitting them and their families:
Heide: “Every penny we aren’t taxed can go towards our other bills such as food, utility bills, school loans, mortgage, and clothing for our children. We had been barely scraping by during the previous political administration!”
Victoria: “I am a small business owner and the law simplified taxes for me and makes me more competitive. I also buy my own insurance and am grateful that the [individual] mandate is gone!”
Jeffery: “My net pay went up about $150 per month, which will help me pay off my house faster.”
Paula: “I have seen a $100 increase in take-home pay, which is more than any pay increase my husband or I have received in many years.”
Matthew: “Thank you very much for voting in favor of [the] tax reform legislation. I just got notice that my retirement annuity would increase over $300 per month because of the tax cut.”
Herman: “I run a small business. I can’t wait to start seeing the effects of the Tax Cuts and Jobs Act.”
Thomas: “The reduced rates have resulted in $5,000 of yearly tax savings.”
Madelynne: “By lowering our tax rate and getting more “crumbs” in our paychecks, I was able to buy a new car!”
Michael: “As a business owner this will be a tremendous relief for my and my family’s tax liability.”
Gerald: “I am retired and do not itemize. The increase in the standard deduction will give me more investible funds.”
David: “It has allowed me to save $3,000 over the year, so that's groceries on the table!”
Sarah: “My family has already seen a larger paycheck and are expecting a nice tax return this year.”
Michael: “We are bringing home an extra 4.5% in each paycheck.”
Kimberly: “Our household will get an additional $4,800 in our paychecks over the year.”
Jeffery: “The company I work for gave me a $1,000 bonus, plus they’re making a profit and I get profit sharing.”
Frank: “The Tax Cuts and Jobs Act is giving us a combination of $200 per paycheck, or approximately $5,000 per year.”
Sean: “We own a business; having more at the end of the year to be able make improvements is great.”
Gregory: “My family has an extra $200 a month! Please tell Nancy Pelosi that our ‘crumbs’ are appreciated.”
Kathleen: “I am seeing lower taxes and the potential for our employees to make more money.”
Dana: “I’m getting more money through my paycheck. I am a single female who owns my own home for the first time and have paid off my vehicle, none of which I saw happening soon. My company decided to stay in Johnstown, so I have a very good job for this area.”
Sherry: “The stipulation of the first $12,000 not being taxed is a huge benefit to any hardworking individual. After so much of nothing being done by our prior administration, the additional economic benefits are a breath of fresh air for all Americans who admire and love our great country.”
Brian: “I have $500 dollars more a month to pay bills.”
Ronald: “The Tax Cuts and Jobs Act has helped by giving [my family] more money to spend each week. Between my wife and me, we have $85 more per week! The money that our companies save will be spent on new equipment and pay raises for our employees.”
Flory: “We will have more money to use for our son’s post-graduate bills!”
John: “I am seeing more money in my paycheck and received a $2,500 bonus.”
Edward: “The Tax Cuts and Jobs Act lowered our tax rate and monthly withholding, which results in $128 more per paycheck, [or] $3,328 per year!”
John: “I am getting $200 more a month!”
Companies across the nation are sharing the benefits of the TCJA with their workers. They are raising wages, awarding bonuses, and contributing to 401(k) accounts. Here is a list of some companies in Pennsylvania investing in their employees:
1st Summit Bank (Johnstown, Pennsylvania)
1st Summit Bank provided a $1,000 bonus to all full-time employees on top of 2017 year-end bonuses, raised its salary ranges, and increased its charitable giving budget by 10 percent. More here.
PNC Financial Services Group (Pittsburgh, Pennsylvania)
PNC Financial Services Group gave $1,000 cash payments to 47,500 of their employees and contributed an additional $1,500 to their pension accounts. More here.
BNY Mellon (Pittsburgh, Pennsylvania)
BNY Mellon raised its minimum wage to $15 per hour for operation unit employees and invested in technology upgrades. More here.
F.N.B. Corporation (Pittsburgh, Pennsylvania)
F.N.B. Corporation raised its employee minimum wage to $15 per hour, increased its charitable giving, and contributed to employee 401(k) accounts, totaling $1 million. More here.
Ellwood Group, Incorporated (New Castle, PA location)
Ellwood Group, Incorporated is planning a $60 million addition to its New Castle plant, Ellwood Remelt Steel. This operation will add 25 new employees once it becomes fully operational.
AccuWeather (State College, Pennsylvania)
AccuWeather provided special year-end bonuses to all employees, over and above other compensation, benefits, and year-end bonuses to which employees may be entitled. More here.
Comcast awarded $1,000 bonuses to 100,000 employees and is investing $50 billion to improve its infrastructure over the next five years. More here.
NexTier Bank (Butler, Pennsylvania)
NexTier Bank awarded $1,000 bonuses to all employees, is providing tuition reimbursement on job training, and raising wages for hourly employees. More here.
The Home Depot is providing bonuses of up to $1,000 in addition to creating a Success Sharing program for hourly associates. More here.
McDonald’s Corporation is allocating $150 million over five years to its global Archways to Opportunity education program. This will provide nearly 400,000 U.S. restaurant employees with accessibility to the program. More here.
View the full list of companies across Pennsylvania and our nation sharing the TCJA benefits with their employees and their communities here.