By Rob Portman
Just two months since becoming law, the Tax Cuts and Jobs Act is already creating a better economy and a brighter future for families in the Miami Valley—and businesses across Ohio.
According to a recent National Federation of Independent Business survey, a record number of business owners said now was a good time to expand. The new tax law, the report says, “produced the most recent boost to small-business optimism.”
I’ve seen this firsthand. I recently met with employees at Bruns General Contracting, a small employee-owned business in Tipp City, as it announced plans to purchase new and more productive equipment, hire more workers, take on new jobs, and increase retirement benefits as a result of the savings from the new law.
I’ve also visited small businesses in Cincinnati, Cleveland, Columbus, and more that have reinvested in their operations, their employees, or both with the savings from tax reform.
Ohioans are also seeing the direct benefits of tax cuts in their paychecks. Last month, the IRS updated its withholding tables for employee paychecks. Ninety percent of Americans, and all middle-class income groups, are getting a tax cut. Starting this month, the proof is in the paycheck.
Tax reform, including lower tax rates and doubling the standard deduction and child tax credit, will take more than three million Americans who had federal income tax liability off the tax rolls altogether. A family of four at the median income level can expect to save $2,000 a year on their taxes. For families in Greene County — and across Ohio — that makes a real difference.
The new tax law is already having a positive impact on Ohio and Greene County. It gives direct tax relief to middle-class families, raises wages, provides benefits for workers, and increases investments in American companies. Through all that, it is bringing back hope and optimism for many Ohio families.
Rob Portman is a United States senator from Ohio.