Stephen Moore on Why Tax Reform Matters: Do You Have a Story?
At our first quarterly lunch forum of 2018 we will discuss a topic that impacts us every day: Taxes. The recent tax reform law is just beginning to take effect, so what changes can we expect?
Stephen Moore, a Heritage Visiting Fellow and a Senior Economic Adviser to Donald Trump’s presidential campaign, will walk us through the Tax Cuts and Jobs Act and what it means for you.
In an op-ed for The Washington Times, Moore laid out “Why taxes matter after all”:
With the recent Walmart announcement of an increase in their starting wage, there are now more than 100 companies that have offered bonuses and benefit hikes to their workers due to the tax cut. An estimated one million workers have benefited. This after one month.
We know that Minnesota companies are among those who have given their employees bonuses and salary increases as a result of tax reform. Even yesterday it was announced that another major Minnesota company was feeling the benefits of tax reform:
The accelerating global economy lifted 3M Co.’s sales and profits past expectations, and executives on Thursday raised their outlook for 2018, in part because of future savings that are expected from the new federal tax law.
The article from the Star Tribune goes on to say:
3M said its tax rate under the new “Tax Cuts and Jobs Act” will fall to 20 percent to 22 percent in 2018, down from a prior rate of 26 percent to 27 percent. Executives said they will use the savings to boost returns for shareholders, increase pension reserves and to invest in the company.
Like Stephen Moore says, taxes matter and we are seeing why they do in Minnesota.
Have you benefited from the Tax Cuts and Jobs Act? We want to hear from you! Share your story in the comments and don’t miss Stephen Moore at the Hilton Minneapolis on February 21st. Tickets can be purchased here.