Florida's Success Under Tax Cuts and Jobs Act
Floor Speech
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Mr. RUTHERFORD. Mr. Speaker, it is my honor tonight to host my colleagues from the great State of Florida to highlight the successes we have seen since passage of the Tax Cuts and Jobs Act.
With job growth, wages, and labor participation all up since the passage of this bill, hardworking Americans and businesses are already experiencing the many improvements that are the result of these reforms to our Tax Code.
In its April report, the U.S. Labor Department announced that the unemployment rate dropped to 3.9 percent, the lowest level we have seen, Mr. Speaker, in 18 years. The tax cuts and simplification of our Tax Code that we passed only a few months ago, along with our President's regulatory reforms and progrowth policies, are creating jobs and restoring confidence in America's economy.
Mr. Speaker, earlier this month, we celebrated National Small Business Week to recognize the importance of small businesses across the country. Small businesses are the backbone of the economy and create millions of jobs to help Floridians and Americans pursue a better future for themselves and for their families.
The Tax Cuts and Jobs Act is working for small businesses. According to the National Federation of Independent Business, small businesses are the most optimistic that they have been in nearly three decades. This is no surprise. The reforms in this bill have dramatically improved the way that small businesses are treated under the Tax Code, unleashing hundreds of billions of dollars in tax cuts.
Just last month, Mr. Speaker, I toured Magellan Transport Logistics, a service-disabled, veteran-owned logistics company in my hometown of Jacksonville, Florida. They are adding at least 100 new jobs in the next 5 years and were able to acquire a new 47,000-square-foot facility.
During the tour of the facility, we were told by the company's CEO that this expansion is a direct result of the tax cuts that the business received from the Tax Cuts and Jobs Act. This is just one example of the differences that these cuts are making to improve the way of life for countless Americans in Florida and across the Nation.
I have heard from many small businesses throughout my district who are thriving unlike never before because of these landmark reforms.
As the Representative of Florida's Fourth District, I am proud to represent the historic city of St. Augustine. St. Augustine is known around the world, Mr. Speaker, as the oldest city in America. It is full of unique family and community-owned businesses, including the St. Augustine Distillery.
Located in the site of Florida's oldest ice plant, the St. Augustine Distillery's opening in 2014 marked the first time that spirits have been distilled and created in northeast Florida since Prohibition.
As a young business facing more than their share of regulatory challenges, the St. Augustine Distillery was relieved, to say the least, when the Tax Cuts and Jobs Act was signed into law. The distillery announced shortly after the bill's passage that they would be using their savings to make further investments in their employees and increase their equipment and inventory, creating new local jobs and hiring additional staff to manufacture, market, and sell their products.
Small businesses are an important part of my community and our economy, but they aren't the only ones that have been given relief under the Tax Cuts and Jobs Act.
Mr. Speaker, last September, northeast Florida was devastated by Hurricane Irma. The storm surge was over 5 feet and dropped more than a foot of rainfall. Our community saw some of the worst flooding in over 100 years along the St. Johns River, and many areas are only now recovering.
Because of the Federal tax savings that they received, Tampa Electric, Florida Power & Light, and Duke Energy Florida all announced that their customers would not receive a rate increase for power restoration costs associated with these companies' response to the hurricane damage. With the money that they would have paid in corporate income taxes, these companies were able to recover the cost of restoring power and repairing the damage after Hurricane Irma, which has spared thousands of Floridians an increase in their energy bill this year.
Mr. Speaker, these are just a few of the many ways that the Tax Cuts and Jobs Act has already made a difference in the lives of hardworking men and women in northeast Florida and across the State by allowing them to keep more of their hard-earned money in their paycheck.
Tonight, we will hear from a number of my fellow Floridians about the great successes of this bill and helping the lives of Florida families in our district.
He a great colleague of mine on the Judiciary Committee and a defender of a strong, booming economy.
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Mr. RUTHERFORD. Mr. Speaker, I had the great honor as a sheriff in Florida representing the Florida Sheriffs Association to work with Matt Gaetz when he was in the House. I have to tell you, there is no one that works harder for the State of Florida and this country now that he is in Congress. I just want to thank him for the hard work. He has always been a great partner to work with. We had some great successes there, and then to come up here and actually be part of the first tax cuts and reform in over some 30-odd years was significant.
He is a small-business owner himself who understands taxes and the regulatory burden that businesses face.
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Mr. RUTHERFORD. Mr. Speaker, I want to thank my good friend from central Florida, Ted Yoho, and I have had those same conversations with constituents back home. The gentleman is absolutely right. They don't think it is crumbs. It is very significant in their lives. And I can tell you, as a freshman, I was very proud to be here at a very historic moment. And I think this Congress can be very proud of what was accomplished through the Tax Cuts and Jobs Act because it is truly impacting on people's lives.
Mr. Speaker, I want to take this time to thank all of my colleagues from Florida who joined with me this evening to highlight the successes of this historic tax reform.
Across the Nation and back home in Florida, we have seen the incredible impact of the Tax Cuts and Jobs Act. More than 500 companies have announced pay raises, bonuses, increased 401(k) contributions, or even lower utility rates. Direct bonus announcements have reached over $4 billion across the Nation. Mr. Speaker, that is $4 billion in direct bonuses to employees all across this Nation. That $4 billion is going back into our economy and into the hands of hardworking Americans rather than to the IRS. Folks, this is just the beginning.
Mr. Speaker, as I said earlier, and as my good friend from central Florida said, these are not crumbs. These are loaves of bread for countless Americans who have been living paycheck to paycheck, unsure about how they would be able to feed their families. These reforms, which are the largest in over 30 years, are helping grow small businesses and breathing life back into the American Dream for so many.
So I want to, again, thank my colleagues from the great State of Florida for joining me this evening to shine a light on these great successes for Floridians and for all Americans.
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