There is more good news every day about the once-in-a-generation tax relief law Congress passed in late December. While traveling across Wyoming these past few months, I’ve heard firsthand from local families and businesses how this law is helping them.
One of the biggest goals of tax reform was to put more money in the pockets of hard-working Americans. In February, 90 percent of workers in Wyoming and across the country began to see more money in their take-home pay due to the law. This is because less money is withheld from paychecks to account for the tax cuts.
A tax cut is the same as a raise. It is a significant boost for many Wyoming workers.
That’s not the only way families in our state are benefiting from tax relief. Many employers in the state are giving back to their employees in the form of bonuses, higher wages, and extra benefits.
Old Dominion Freight Line, which has locations in Afton, Rock Springs, Cheyenne, and Casper, announced it would issue $500 bonuses to its 22,000 non-executive employees because of the tax law.
Popular restaurant chain Taco Johns, which started in Wyoming and is headquartered in Cheyenne, gave bonuses to all its employees, from restaurant crew members to managers.” Other companies that employ people in Wyoming, including Walmart, Best Buy, Wells Fargo, U.S. Bank, Verizon, AT&T, Charter Communications, Lowes, and Home Depot, have also announced bonuses and higher wages for employees.
U.S. Bank and Charter Communications for example, are raising their minimum wage for hourly employees to $15 per hour. Home Depot, which has locations in Casper, Cheyenne, Gillette, Rock Springs, and Sheridan, is giving its hourly workers a $1,000 bonus.
These are just some of the benefits workers are getting from the tax law. Republicans predicted during the debate over this law that there would be other benefits, as well. We said that businesses would pay less in taxes, and some of them would be able to cut prices for consumers.
Americans are starting to see this happen in expenses like their utility bills. Gas, electric, and water utilities are cutting rates because their taxes are going down under the law.
Rocky Mountain Power, which provides electricity for most of Wyoming, said it plans to pass tax relief savings to customers across the West. This is welcome news for families across our state who are consuming more energy to heat their homes this winter. When their monthly bills are lower, they have more money to save, spend or invest in other things.
This is what happens when Washington takes less and taxpayers keep more. That’s why I voted for this law – to give the kind of tax relief that made these rate cuts, bonuses, and pay raises possible. It’s good for Wyoming, and for people all across America.
Reader Comments(0)