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Arrington Statement on Tax Reform Becoming Law

Washington, DC, December 22, 2017
Tags: Economy
Congressman Jodey Arrington (TX-19) today released the following statement after President Donald J. Trump signed the Tax Cuts and Jobs Act (H.R.1) into law. “With the Tax Cuts and Jobs Act officially signed into law, we’ll be ringing in the new year with a simplified tax code that promises bigger paychecks and better jobs for the American people. In fact, just days after passage, we’re already seeing a renewed sense of optimism as job creators commit to offering bonuses, raising wages, and increasing investments here at home as a result of tax reform. “I’m grateful to President Trump and Chairman Brady for their leadership and delivering on this promised tax relief, and I look forward to witnessing a comeback of the greatest economy in the world.” BACKGROUND The median household income (married couple with two children) of $67,002 in District 19 will see a $1,346 tax cut. The median household income (all households) of $47,875 in District 19 will see a $1,127 tax cut. As a result of Tax Cuts and Jobs Act:
  • AT&T is giving 200,000 employees a $1,000 bonus and investing $1 billion more in the US.
  • Boeing is going to make a $300 million investment.
  • Wells Fargo and Fifth Third Bancorp are both hiking minimum wage pay to $15/hour.
  • Comcast is awarding a $1,000 bonus to more than 100,000 frontline and non-executive employees and investing $50 billion over the next five years in infrastructure.
  • Bank of America is rewarding roughly 145,000 employees with bonuses.
  • Sinclair Broadcast says it will pay $1,000 bonuses to almost 9,000 employees.
Click HERE for a summary of the Tax Cuts and Jobs Act.

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