On the Senate floor in Washington, Senator Roger Wicker touted the success of the major tax reform which was passed back in December. Tax cuts will be reflected in paychecks in the coming months, and Wicker says that this tax cut was well overdue.
“When we passed tax reform last year, we knew it would be a win for American workers and our economy. This win for our workers and families was long overdue, after so many years of sluggish wage growth,” Wicker said. Americans will see tax cuts very soon. They’ll be reflected in their paychecks next month, but tax reform is already making a positive difference.”
Wicker outlined the positive effects on both families across the country and the ripple effect that it has caused in the business community.
“The response from our job creators – both small and large – has been overwhelming. Some 164 companies – spanning industry sectors and geographical boundaries – have announced employee bonuses, higher minimum wages, better benefits, new jobs, charitable donations, and new investments.”
Wicker specifically mentioned Mississippi’s success since the reform passed, saying that some of the state’s largest employers are passing the benefits of the tax cuts down to their employees.
“Mississippi’s single largest private employer, Walmart, which has announced that it is raising its starting wage rate for hourly employees to $11. Walmart is also expanding its maternity and parental leave benefits, as well as giving employee bonuses.
“BancorpSouth, headquartered in my hometown of Tupelo, has announced that it will give back to employees through pay raises or bonuses. In fact, BancorpSouth says it plans to invest more than $10 million into the employees who work in its 234 locations across Mississippi and seven other southern states,” Wicker stated. “Another Tupelo, Mississippi-based bank, Renasant, has announced it will invest its tax savings in its 2,000 employees.”
Wicker also mentioned small businesses and the ability that they have to take on new opportunities as a result of the legislation. Half Shell Oyster House, a restaurant on the coast, was singled out by Wicker as he said that the owner was able to hire more employees and may even open new restaurants with his savings.
He concluded by stating that these tax cuts have led to investment into the economy and job creation in Mississippi and across the country and that it will ultimately lead to more money in the pockets of American families.
“The message is clear across my state and across the country,” Wicker said. “The more money our job creators can save (and the more money they don’t have to send to Washington), the more they can invest in the future of their business and the well-being of their employees – and this is proving true every day. These are the opportunities that we do not want our job creators to pass up. With every bonus, every pay raise, every expanded benefit, and every lower energy bill, American families have more money in their budgets to spend on the things they need most.”
You can watch Senator Wickers full remarks below: