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.