VIDEO: Ahead of Tax Day, Young Highlights Tax Reform’s Positive Impact in Indiana
WASHINGTON — In advance of Tax Day on April 15, U.S. Senator Todd Young (R-Ind.) spoke on the Senate Floor today to highlight the positive impact of tax reform in Indiana. Since Republicans passed the Tax Cuts and Jobs Act, 3.2 million new jobs have been created nationwide. In Indiana, businesses are expanding and investing in their employees, and the creation of Opportunity Zones will incentivize new investment in distressed rural and urban communities.
“The bottom line here is that Hoosiers continue to benefit from the Tax Cuts and Jobs Act. Workers are taking home more of their hard-earned money, and businesses of all sizes are expanding, hiring, and investing in their employees. I look forward to working with my colleagues to continue supporting policies like tax reform that have our economy booming,” said Senator Young.
Click here to watch Senator Young’s floor speech.
Remarks as prepared for delivery:
Mr. President –
I rise today to speak about our booming economy and the stellar jobs report we saw on Friday thanks in part to tax reform.
With Tax Day just around the corner, I’d like to briefly highlight the many benefits American families, workers, and job creators have experienced as a result of lower tax rates.
Since Republicans passed the Tax Cuts and Jobs Act, 3.2 million new jobs have been created.
Our 3.8 percent unemployment rate is near a 50-year low.
The unemployment rate for women in particular matches the lowest rate since 1953.
And jobless claims have recently dropped to the lowest level since 1969.
Additionally, manufacturing job creation was the highest in 2018 that it has been in over twenty years. As the most manufacturing intensive state in the nation, this is particularly good news for people in my home state of Indiana.
Last year, in conjunction with Tax Day, I spoke on the Senate Floor about the many stories that had already poured into my office – from Indiana businesses who are paying their workers more and constituents who are earning more.
This year, I’m proud to say that these stories continue.
My guest to last year’s State of the Union, Chelsee Hatfield, is a prime example. When tax reform was signed into law, Chelsee, a young mother of three, was working as a teller at a rural branch of First Farmers Bank and Trust in Tipton. She received a raise and a bonus as a result of tax reform.
This additional income helped Chelsee go back to school to earn her Associate’s degree, and it enabled her to put money away for her children’s future college education. I’m proud to say that this summer Chelsee graduated with her degree and she has been promoted to a Commercial Loan Administrative Assistant.
What a powerful story.
I recently had the opportunity to visit with a third-generation small business owner in Fort Wayne. Dan Parker, The owner of Parker Towing and Recovery, was able to purchase several new trucks, thanks in part to tax reform. This means more trucks will be available to assist Hoosiers who have been a car accident or have had their car break down.
Parker also recently expanded the company’s office space and gave his staff raises. “We have less turnover now,” Parker said about the raises.
Another Indiana employer, Cardinal Manufacturing Company, Inc. in Indianapolis, rewarded its team members with bonuses and pay raises.
And Albanese Confectionery, a candy manufacturing company in Merrillville, provided bonuses that it says will happen annually as long at the tax reform bill stays in effect.
Lastly, I would note that this new tax code incentivizes new investment into distressed rural and urban communities to help the least among us through the creation of tax advantaged opportunity zones around the state of Indiana.
The bottom line is that Hoosiers continue to benefit from Republicans’ Tax Cuts and Jobs Act.
Workers are taking home more of their hard-earned money, and businesses of all sizes are expanding, hiring, and investing in their employees.
I look forward to working with my colleagues to continue supporting policies like tax reform that have our economy booming.
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