As the number of companies announcing wage increases, bonuses and increased investment across the U.S. increases, so does support from the American people. The New York Times reports that a poll conducted shows a marked increase in support for the tax bill from thirty-seven percent to forty-six percent in less than a month.
"When people look at the tax bill in its totality and they see the real-life impact it is having on their personal finances and on their businesses bottom line, they support this bill," said Representative Peter Roskam (R-IL), who served as Chairman of the Tax Policy Subcommittee on Ways and Means and was one of the architects of this historic legislation. "The reality is that the impact of this bill is discrediting the hyperbole and fear tactics critics have been using. People are believing what they're seeing rather than what the critics are saying and that's being reflected in these polls," he continued.
This change in support of the Tax Cuts and Jobs Act can be directly attributed to the over 175 companies that have announced wage increases, bonuses and increased investment in the U.S. economy as a result of the passage of this bill.
The impact that these changes are making in people's lives are being felt across the country. In Illinois, ComEd petitioned the Illinois Commerce Commission to pass along $200 million in savings to their customers and Itasca-based company, Emkay, announced that all full-time employees will receive a $1,000 bonus. To date, 26 companies and counting have announced wage-increases to $15+, including Itasca-based First Midwest Bancorp who, in addition to wage increases, announced $1,035 bonuses for 85% of its employees and $2 million in additional charitable contributions.
Even as Apple joins the growing chorus of businesses who are crediting the tax bill for recent investments in their employees and our economy -- the company announced that it will invest $350 billion into the U.S. economy over the next five years and create 20,000 new jobs as a result of tax reform -- middle-income Americans are the true beneficiaries of these investments.
"We're seeing a wave of support from the business community that is making a significant impact on people's lives, and this is only the beginning," notes Roskam.