And the good news keeps coming
Washington, D.C. — As we near the end of our first month under a new tax code designed for middle-income families and small businesses, it’s already become evident that this new legislation is having a positive impact on our economy and in the lives of millions of Americans. To date, more than 220 companies have announced wage increases, bonuses and increases in investments in their employees and in the American economy; the Treasury Department has released new withholding tables and estimated that 90 percent of wage earners will experience an increase in their paychecks; and more Americans are rejecting the hyperbole and fear tactics being used by critics – all of which is credited to the Tax Cuts and Jobs Act.
As Chairman of the Tax Policy Subcommittee on Ways and Means during the crafting of this bill, Representative Peter Roskam (R-IL) played a key role in drafting this historic legislation. “The true impact of this transformative legislation in the lives of real people is so vastly different then the picture that our critics tried to paint. People are experiencing real relief and no amount of fear-mongering is going to overcome that,” said Rep. Roskam. “When people see what this tax code does for them, they overwhelmingly support it.”
Joining the rapidly-growing list of companies passing along their savings to their employees, JPMorgan Chase announced today a $20 billion, five-year comprehensive investment that will increase wages and benefits for hourly U.S. employees, develop hundreds of new branches in several new U.S. markets, add 4,000 jobs throughout the country, make increased small business and mortgage lending commitments and increase philanthropic investments. Because of the Tax Cuts and Jobs Act, for the second time in two years, JPMorgan Chase is increasing and accelerating hourly wages for many of its employees—raising wages to between $15/hour and $18/hour in over 100 cities across the nation, effective February 25. This will benefit 22,000 full-and part-time U.S. hourly employees, including nearly 2,800 employees in Illinois.
The Walt Disney Co. also joined the list, announcing today that they will give more than 125,000 employees a $1,000 cash bonus and make an initial investment of $50 million in a new and ongoing education program for hourly employees as a result of the tax bill.
“It’s undeniable – the Tax Cuts and Jobs Act is good for the American people, and they’re seeing that,” said Roskam.