Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous materials on the topic of my Special Order. Mr. Speaker, in February, Congressman Paul…
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous materials on the topic of my Special Order.
Mr. Speaker, in February, Congressman Paul Mitchell of Michigan and I established the Tax Reform Truth Tellers series to combat the misinformation being spread about the Tax Cuts and Jobs Act.
Today I had the distinct honor of joining my colleagues from the great States of California and New York to talk about the benefits this historic tax reform bill is having on our communities and local economies.
When it comes to taxes, our two States have something in common: some of the highest State tax rates in the country.
My district in Orange County, California, is home to great people, beautiful weather, and a rich history, but it is also located in the highest taxed State in the Nation.
It is my duty to find ways to help my constituents build and achieve their American Dream, whether it is opening a small business, sending their children to college, or saving for retirement. Unfortunately, high taxes can prevent these dreams from becoming a reality.
While the State legislatures in Sacramento and Albany keep placing
crushing tax burdens on their residents, congressional Republicans take action to lower the Federal tax burden on hardworking Americans and job creators in our districts.
The Tax Cuts and Jobs Act did just that by lowering rates and restoring the ability of American companies to compete globally.
For too long, our Tax Code was broken. It imposed high tax rates on families, individuals, and small businesses; it was full of special interest loopholes; it contained a tax structure that encouraged companies to ship jobs overseas; and individuals, families, and job creators spent nearly 9 billion hours each year preparing their taxes, which cost the economy $400 billion in lost productivity.
Last December, we addressed those issues and fixed our outdated Tax Code when we passed the Tax Cuts and Jobs Act. This legislation lowers rates for nearly every taxpayer, doubles the standard deduction for individual and joint filers, and maintains popular deductions that will help working families in cities like Irvine, Mission Viejo, and Tustin.
When the new withholding rates took effect in February, Orange County residents saw their take-home pay increase. Now, families and individuals are rightfully keeping more of their hard-earned paychecks.
The Tax Cuts and Jobs Act has also encouraged economic growth and job creation. Since the tax reform package was signed into law, our economy has experienced its most robust growth rate since 2005, consumer and manufacturing confidence are near record highs, and just last month, the U.S. economy experienced its strongest month of job growth in nearly 2 years.
Over 500 companies have given their employees new benefits, like pay raises, bonuses, and increased matching 401(k) contributions. In the last 3 months, 4 million American workers have received bonuses.
Furthermore, the National Association for Business Economics has increased its 2018 economic growth projections to nearly 3 percent. This positive economic news is a direct result of the Tax Cuts and Jobs Act.
Mr. Speaker, the results of tax reform are exceeding our expectations, especially in my district. Some were concerned about the potential ramifications this bill would have on Orange County, but in the last few months, our community and local economy has flourished. Orange County residents are keeping more of their paychecks, allowing them to spend and invest their own money as they see fit; after all, it is their money, not the government's.
Local businesses are benefiting, allowing them to create jobs and provide higher wages for their employees. One example is the Walt Disney Company, Orange County's largest employer and the place where I held my first job as a senior in high school. With their savings under the new Tax Code, Disney gave each of its 125,000 employees a $1,000 cash bonus. Disney also established a new higher education initiative that will cover tuition costs for hourly employees.
STERIS, a medical device company, has several facilities throughout the State of California, including one in Tustin. Following the enactment of the Tax Cuts and Jobs Act, STERIS gave its employees a $1,000 bonus. Throughout the country, millions of Americans are benefiting from tax reform, and STERIS is an example of a company making those benefits a reality for my constituents in Tustin, California.
These Orange County companies reflect just a small sampling of the success the Tax Cuts and Jobs Act is having across the Nation.
Today, my colleagues from California and New York will share their stories from their districts about how their communities and local economies are thriving due to the new tax law.
Mr. Speaker, I yield to the gentleman from California (Mr. Knight), a United States Army veteran, a member of the House Armed Services Committee, and a representative of California's 25th District.
Mr. Speaker, I yield to the gentleman from California (Mr. Valadao), my friend and a member of the Committee on Agriculture and the representative of California's 21st District.
Mr. Speaker, I yield to the gentlewoman from New York (Ms. Tenney), a member of the House Financial Services Committee and the Representative of New York's 22nd District.
Mr. Speaker, I yield to the gentleman from New York (Mr. Collins), a fellow member of the House Energy and Commerce Committee and the Representative of the 27th District of New York.
Mr. Speaker, I yield to the gentleman from California (Mr. Denham), my friend and colleague, and a member of the House Agriculture and Transportation and Infrastructure Committees, who represents the 10th District of California.
Mr. Speaker, I yield to the gentleman from California (Mr. McClintock), a fellow Californian and a member of the House Budget Committee, who represents the Fourth District of California.
Mr. Speaker, 90 percent of Americans will see an increase in take-home pay because of the Tax Cuts and Jobs Act.
Under this new law, a typical middle-income family of four will see an average tax cut of over $2,000. Those cuts will vary from State to State. In California, a family of four will see a cut of $2,840, and in New York, $3,129.
Individuals and families will take this money and put it toward their retirements, mortgage payments, or college savings.
There are over 400 Chipotle locations in California. In fact, California has the most Chipotle restaurants in the country. Since the Tax Cuts and Job Act passed, Chipotle is providing hourly and salaried workers with bonuses up to $1,000 or a stock grant. The company is also improving employee benefits and has announced plans to provide additional paid parental leave. These bonuses and increased benefits make a big difference in people's lives.
Chipotle also plans to spend $50 million to renovate its stores. This means opportunities for construction companies and numerous small subcontractors, which will invigorate local economies, including my home of Orange County.
Tax reform is spurring the free market economy to provide opportunity and an increased standard of living for all Americans.
Mr. Speaker, according to a recent survey, the Tax Cuts and Jobs Act has significantly improved the economic outlook for small businesses. The survey recorded historic highs in the small business confidence index, showing that support for tax reform is growing within the small business community.
In fact, small businesses have rallied around the new tax policy, with over half of the country's small-business owners viewing the law as having a positive effect on their business. Nearly half of small businesses expect to see immediate tax benefits this year. Small businesses are the leading job creators in our country and are the engines of economic growth.
Mr. Speaker, McDonald's is one of the largest employers in California, with over 1,000 locations. Following the enactment of the Tax Cuts and Jobs Act, McDonald's announced plans to contribute $150 million to cover tuition costs, expanding its current Archways to Opportunity education program.
Nearly 400,000 employees are eligible for benefits that can be used toward college or trade school. McDonald's now offers $2,500 per year in tuition benefits for crew members, and $3,000 per year in tuition benefits for store managers.
Thousands of McDonald's employees will benefit from this enhanced program, and it is thanks to tax reform that companies like McDonald's are able to do more to empower their employees.
Mr. Speaker, I yield back the balance of my time.