BOB RINEARSON: Tax cuts are working on large and small business level
Editor’s Note: TJ Apparel is not the actual name of the company Mr. Rinearson references in his column, but due to circumstances not pertaining to the company, both he and the owner of the company have decided it’s best to replace the name of the company and owner with pseudonyms.
Have you read the list of all the corporations who with the savings they are receiving from the Trump tax cuts are rewarding employees with bonuses, hiring more employees and expanding their enterprises?
It’s a virtual who’s who list. There’s Apple, AT&T, Boeing, Comcast, Home Depot, JetBlue and TJ Apparel and Screen Printing.
What? Wait a minute! Who is TJ Apparel and Screen Printing?
For your information, this dynamic corporation is located right here in Fort Wayne.
OK, perhaps they are not listed in Forbes magazine’s Top 10 American corporations. In fact, TJ Apparel has only 10 full-time employees. They print specialty sportswear, such as jerseys, hats and shirts. In fact, they can print up just about anything you need for any occasion. But according to the U.S. Small Business Administration, TJ Apparel is but one of 495,695 small businesses which operate throughout Indiana. And those 10 employees are counted within the ranks of 1.2 million Hoosiers employed by a small business.
Why is that important? You see, the CEO of TJ Apparel is Randy Mann. Every year, Randy tries to give those 10, hardworking employees a Christmas bonus. But this year, Randy was able to add extra to his workers’ holiday checks. Not just because they deserved it, but because small businesses like Randy’s are also seeing benefits coming their way just like their bigger corporate cousins.
In a CNBC survey, 25 percent of small business respondents reported that taxes were the most critical issue facing “your” business, with government regulations coming in second at 14 percent. And even though many small businesses may not see the same size of tax cut that a big corporation might get, the percentage that they are receiving, whether it is 25 percent or 12 percent, the tax bill passed through Congress and signed by the president has lent all businesses a newfound sense of confidence.
“It has everything to do with the optimism that currently exists within the business climate,” said Mann. “The future of business, whether they be big or small, looks bright right now, something that hasn’t been felt for quite a while.” Mann also said that in his dealings with other small business owners, they are all sharing the same enthusiasm.
Which isn’t the same reaction that most liberal politicians are offering. Sen. Elizabeth Warren called the tax cuts “a heist.” And Rep. Nancy Pelosi famously described the cuts as a scam and the bonuses as crumbs. I would suggest Nancy and Liz get out from their mansions occasionally and see how the other half lives. Even the liberal think tank, Tax Policy Center declared, 80 percent of Americans will get tax cuts. Also estimated by the Tax Policy Center, but little noted by the liberal pundits, was that “16 percent of the richest Americans (those in the top 0.1% of incomes) will face an average tax increase of $387,610 with the new tax package. Just an added note, our own Democratic Sen. Joe Donnelly voted against the tax reform bill.
For those who want to see the American landscape retreat into the shadows of socialism, Boeing President and CEO Dennis Muilenburg aptly described what a pro-business environment can mean to our future when he said, “It’s the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital in our country.”
It doesn’t matter whether your industry employs 10 or 10,000, America is back in business.
Bob Rinearson is a resident of Fort Wayne