With dozens of American companies announcing pay raises and bonuses to their employees and Wal-Mart announcing a raise in their minimum wage from $9 to $11 an hour, Republican State Senator Neal Tapio of Watertown says President Donald Trump is proving that letting people and companies keep more of their money is resulting in the ultimate win-win for working families across the nation.
“The President is keeping his promise to American working families who suffered for years under the failing policies of the past three administrations,” Tapio said. “This is what happens when businesspeople and not politicians are allowed to apply their economic knowledge in creating real world solutions to natural economic challenges,” Tapio said. “People should pay close attention, because we’re watching an American comeback of historic proportions in just the first year of the Trump administration,” Tapio said.
“Thanks to the Trump tax cuts we’re already seeing a rebirth of the American economy. Three consecutive quarters with GDP (Gross Domestic Product) growth above 3%. A labor market with near record low unemployment. Rising wages and benefits to working employees and more money left in their pockets as a result of the most significant tax cut for the middle class in 40 years,” Tapio said.
Tapio, a successful entrepreneur and small business owner who built his sales and service company into a major player working with Fortune 50 companies across the energy sector says it’s common sense that lower tax rates result in a natural rise in wages and working conditions across the private sector.
“People are seeing what exactly happens when you put a world class businessman in the White House,” Tapio said. “When companies and corporations pay less in taxes, they have more money to pay their employees and they can afford to expand their workforce at the same time. That results in a tightening labor market that makes employers compete harder for quality employees, creating higher bonuses, more benefits and improved quality of life for the American middle class as companies compete for a shrinking number of available labor,” Tapio said.
The list of major corporations announcing $1,000 yearly bonuses to employees reads like a Who’s Who of blue chip stocks. American Airlines, Bank of America, AT&T, JetBlue, Nationwide Insurance and Comcast are among dozens of major employers unveiling restructured wage and benefit packages for employees and/or adding spontaneous bonuses of $1,000 or more to workers.
Tapio says Wal-Mart’s move to bump their company-wide minimum wage by $2 an hour is resounding proof that higher wages and a thriving economy are more possible when tax burdens shrink everywhere on the wage scale and that private enterprise can be incentivized to raise wages without passing laws and increasing regulatory burdens for small business.
“These results have always been possible. This level of economic performance is what the American economy is designed to do when government intrusion is at a minimum and leaders remember that 73% of the GDP is consumer spending,” Tapio said.
“Let the average person keep and spend more of their own money and the greatest economic engine in the world will come roaring back.” Tapio said.
“It’s common sense.”