A Bright American Future
The same day Congress sent the new tax reform bill to the Oval Office, a surprising wave of blockbuster size trickle down effects of the new legislation began. AT&T and Comcast didn’t even wait for the President’s signature before they announced more than a $300 million infusion into the economy with their decisions to give over 300,000 of their employees $1000 bonuses.
During the next two weeks major banks, airlines and utilities companies have followed suit by announcing employee bonuses and pay raises, increases in minimum wages, lower customer pricing and sizable capital equipment purchases. Small and mid-size companies have begun making similar announcements.
This is an exciting and efficient allocation of what is essentially new capital created by the tax reform, leveraging the economic impact of those dollars resulting in the growth of businesses and by extension society as a whole.
A vibrant economy produces tax revenues that are necessary to pay down the national debt, invest in infrastructure and provide for a strong national defense.
Small businesses represent almost 75% of all jobs in the USA and the new tax laws benefit many of those businesses. Their allocation of additional after-tax income could be what causes a wave to turn into a tsunami of economic growth that moves the USA to a destiny defined by everyone’s hopes and dreams.
My hope is that our insurance industry leads the way with both large public insurance corporations and small insurance agencies**** announcing their plans for leveraging their tax savings toward a bright American future. My hope is that news media does their part by reporting every announcement building awareness of the growing tsunami.
I want our company to participate in that tsunami. I want our employees to help define that destiny. Our company is a mid-size insurance MGA with approximately $15 million of revenue. On Tuesday December 26th, we announced a $1000 bonus for all our full-time employees.
****If your agency has decided to distribute tax reform initiated employee bonuses please pass that information on to either John Kartch, VP of Communications Americans for Tax Reform, Jkartch@atr.org , or Bethan Moorcraft, News Editor Insurance Business, firstname.lastname@example.org