Capito Outlines How Tax Reform Is Helping West Virginia Workers, Small Businesses
WASHINGTON, D.C. – Just a few months after Congress passed the Tax Cuts and Jobs Act, West Virginia families, workers, and small businesses are already seeing the benefits. In an op-ed for the Huntington Herald-Dispatch, U.S. Senator Shelley Moore Capito (R-W.Va.) outlines a number of ways pro-growth tax reform is helping West Virginians and the positive effects and new opportunities she has seen and heard of across the state.
“When we passed tax reform at the end of last year, we promised it would help workers and families keep more of their hard-earned money. We promised it would help our businesses compete, reinvest in our economy, and pass benefits down to their employees. We promised it would create new opportunities for growth in our communities. Now, those promises are being fulfilled. I have no doubt we will only continue to see more good news, more benefits and more opportunities for West Virginians,” Senator Capito wrote.
The full op-ed is available here and below.
Tax reform is working for West Virginia
By U.S. Senator Shelley Moore Capito (R-W.Va.)
March 11, 2018
Tax reform is working, and Americans across the country - including right here in West Virginia-are already seeing the benefits. We're not talking about hypothetical situations or anticipated outcomes. We're talking about real, concrete examples of how the new tax law is helping workers, families, and small businesses.
Already, more than 4.4 million Americans have learned they will directly benefit because of tax reform, and at least 400 companies have announced they are passing down the benefits of tax reform to their employees.
Just a few weeks ago, I was thrilled to welcome Vice President Mike Pence and Commerce Secretary Wilbur Ross to West Virginia for one of those exciting tax reform announcements. During a visit to Worldwide Equipment in White Sulphur Springs, the company said it will invest $8 million into its operations and its workforce - including bonuses for its more than 1,100 employees. All because of tax reform. Of course, the men and women of Worldwide Equipment aren't alone.
State Auditor J.B. McCuskey recently announced that state employees in West Virginia will see $50 million more in their paychecks this year because of the new tax law. That's money those employees will be able to use on everything from household expenses to saving for the future. And it's money that very likely will go back into our local economy - further driving economic growth in our state. As Republicans said all along, tax reform is a real win-win, and West Virginians are beginning to see how true that is.
I recently sat down with a group of small businesses owners in Huntington to hear how they are benefiting from the new tax law. It was so refreshing to finally hear that West Virginia small businesses are feeling increasingly optimistic about the future. And not only are they excited about how tax reform will help them grow and succeed, but they are also excited about how recent tax reforms will help their families.
Just think about the tax relief middle-income families will see thanks to increases in both the standard deduction and the child tax credit - not to mention all of the benefits from American companies bringing home money that had previously been left overseas.
Of course the new tax law isn't just about benefits. It's about opportunities as well.
Another important part of our recent tax reforms effort is a measure called the Investing in Opportunity Act, which will help spur growth in economically distressed areas. I was proud to co-sponsor this pro-growth bill with Sen.Tim Scott from South Carolina, and I am even more proud that it became law as part of tax reform.
Under the bill, investors can defer capital gains taxes by investing in "Opportunity Funds." These funds in turn must invest in distressed census tracts that are designated by governors in each state as "Opportunity Zones." These investments will provide capital to help grow new businesses and create jobs in the parts of our country that need them the most.
According to the Economic Innovation Group, one in six Americans live in an economically distressed community, and these distressed areas lost 6 percent of their jobs between 2011 and 2015. That's something we understand very well here in West Virginia.
Many of our communities continue to suffer the consequences of the previous administration's misguided and anti-coal policies. Our economy could use a boost, especially in these communities, and that is exactly what tax reform - and the Investing in Opportunity Act in particular - will provide.
When we passed tax reform at the end of last year, we promised it would help workers and families keep more of their hard-earned money. We promised it would help our businesses compete, reinvest in our economy, and pass benefits down to their employees. We promised it would create new opportunities for growth in our communities. Now, those promises are being fulfilled. I have no doubt we will only continue to see more good news, more benefits and more opportunities for West Virginians.
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