Tax Cuts and Jobs Act of 2017 is doing more than just putting money back in the pockets of Americans, it is helping educate our children too!
U.S. Secretary of Education Betsy DeVos announced last week that Department of Education is set to support the expansion of public charter schools in areas that have fallen on times of economic hardship.
The new push to expand charter schools in these communities, is designated as “opportunity zones” under the Tax Cuts and Jobs Act of 2017. The act allotted federal funds to incentivize investment by offering tax benefits to those willing to pour resources into low-income, high-poverty areas. And now these incentives are paying off in the form of more and better options for education.
According to a 2018 report by the National Charter School Resource Center, charter schools in 44 states have the potential to be financed via opportunity zone tax breaks. The report estimates that between 1,078 and 2,079 schools could use the program to fund new buildings or renovations.
In the announcement, DeVos stated she expects the expansion of charter schools to have a “long-lasting impact” on the communities, and we agree! The TCJA continues to ripple through all communities and positively impact the things Americans care about most: higher wages, more jobs, and now education.
According to recently released government data, the number of people currently enrolled in the Supplemental Nutrition Assistance Program, known as SNAP, has declined dramatically in the last 3 years.
Currently, 36,029,506 Americans, or 18,230,968 households receive SNAP. This is compared to 2016 when 42,972,692 Americans, or 21,232,456 households received assistance from the government run social program. That’s a drop of roughly 7 million people and 4 million households.
A key impact of this? The Tax Cuts and Jobs Act. As the 2017 reforms reduced taxes, businesses were able to hire more workers, increase salaries and give people across the nation a better economic outlook.
And these TCJA rewards are paying off: according to the most recent employment snapshot from the U.S. Bureau of Labor Statistics, unemployment hit a 50-year record low at 3.5% and employers added 136,000 jobs in September.
With more people in work and higher wages all round, Americans are able to take themselves off SNAP, have higher incomes and strive further for their families, loved ones and futures.
Back in 2017 the Tax Cuts and Jobs Act enacted a temporary reduction in federal taxes on beer, wine and spirits. Now, as a result of the incredible success of the TCJA, Congress is considering making those cuts permanent.
The TCJA had great impact on all lines of the supply chain of the industry. They allowed everyone from farmers and bottlers to truckers and distributors, a chance to invest and grow, both internationally and on US soil.
According to the Beer Institute, the beer industry provides more than 2.2 million American jobs, generating more than $350 billion in economic output. Overall, the cuts from the TCJA were estimated to save the industry $130 million per year. If these cuts become a permanent feature of tax legislation, the industry can continue to grow, employee more workers and create benefits for communities nationwide.
“As a manufacturer and brewer in the United States, we’re pleased to see the tax break on brewers large and small reintroduced,” said Anheuser-Busch Chief External Affairs Officer Cesar Vargas.
The beverage industry is just one of many US industries that have thrived under the TCJA. These reforms continue to help businesses, both small and large, which in turn continues to give people across the US a chance to live their American Dream.
Mission Produce, an avocado distributor based in Oxnard, California, is rewarding employees in response to the ongoing effects of the Tax Cuts and Jobs Cuts Act of 2017. Mission’s President and CEO Steve Barnard said from the outset of the changes he was able to give “all our U.S.-based employees a US$1,000 bonus.” Moreover, Mission said it has been able to implement a new pay scale for their many seasonal employees, increasing hourly wages by up to US$2 an hour as result of increased profit from lower taxes. He said “it’s only fair that we share the benefits that tax reform will have on our business with our valued employees.”
Beyond their employees, Mission is using this extra money to invest in their business and as a result the U.S. economy at large. Barnard stated that he plans to invest the tax savings in new facilities and technology to create opportunities for the company. Tracy Malmos, Mission’s chief people officer added “We are expanding production and distribution facilities across the United States and investing more at home than internationally. We recognize the hard work done by Congress in passing this landmark reform.”
Mission’s story, and thousands more like it, are evidence of the lasting success of the TCJA. These historic tax reforms are changing the lives for Americans across the country and are leading to higher wages, strong businesses and continued investment on our soil.
The 2017 Tax Cuts and Jobs Act (TCJA) has become a beacon of hope and integral to a vital economic upturn for the town of Springfield, Vermont. For generations Springfield, Vermont, which lies close to the border of Vermont and New Hampshire on the Connecticut River, was the home to a booming manufacturing industry.
However, the economic backbone of this community began to falter in the 21st century as the manufacturing business moved overseas.
Bob Flint, the executive director of the Springfield Regional Development Corporation, said that the tax break incentive for small businesses and the newly introduced Opportunity Zones provided by the TCJA, have “stimulated really interesting projects.”
In Springfield, two multi-unit residential properties have already been purchased through this zoning program. Local supporters have suggested that limited regulatory restrictions provided by the TCJA have led to an increased ease in setting up businesses, and therefore the great success of these zones. Going forward, there is continued optimism about the opportunities for these zones provide, including growth of small businesses, job creation and affordable housing projects across the state.
The TCJA is making it easier for every day Americans to pursue the American Dream and start their own businesses. Springfield, Vermont is one of many examples of cities and towns across America being revitalized because of the TCJA.