Latta Highlights Benefits of Tax Reform at Energy and Commerce Hearing
Today, Congressman Bob Latta (R-Bowling Green) highlighted the benefits of the Tax Cuts and Jobs Act at an Energy and Commerce (E&C) Subcommittee on Energy hearing. The hearing, entitled “The Benefits of Tax Reform on the Energy Sector and Consumers,” discussed the economic impacts of the Tax Cuts and Jobs Act, particularly on small businesses, consumers, and the energy sector.
Witnesses from two energy companies, AZZ Incorporated and Anamet Electrical, testified on what the new tax law has meant for their businesses and the savings they’ve been able to pass on to customers. In addition, Holly Wade, Director of the Research and Policy Analysis for the National Federation of Independent Business, testified on the benefits for small businesses across the country.
Latta said at the hearing, “My district is unique as it has 60,000 manufacturing jobs, and I’ve done scores of meetings across my district since the passage of this tax bill. I keep hearing from folks back home, especially when I’m going into factories and businesses, that they’re doing things – they’re hiring people, they’re increasing wages, they’re giving bonuses, they’re buying new equipment…This is something that is going on across the entire economy, so it’s very, very good news for folks not only in my district, but across the country.”
At least 102 utilities have lowered rates for customers across the U.S., meaning consumers are able to keep more of their money.
Earlier this month, the Bureau of Labor Statistics May jobs report showed that unemployment matches its lowest rate of the last 49 years and average hourly earnings increased by 2.7 percent from a year earlier. The stellar economic numbers also coincide with more than 4 million workers receiving pay increases, bonuses, and expanded benefits that can be directly traced to the Tax Cuts and Jobs Act.