Press Releases

Reed: Providing for Families

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Washington, D.C., September 11, 2018 | comments

Today, Rep. Tom Reed spotlighted his work to put more money in families’ pockets and plans to make it easier for people to invest this money in their future.

“The tax cuts passed last year boosted jobs and allowed hard working people to keep more of their paycheck,” Tom said. “Nearly everyone who wants a job is able to get a job and wages are rising – great news for our friends and neighbors.” 

Tom highlighted the average family of 4 in our district is seeing an additional $1,600 a year and changed the trajectory of the economy with:

Due to tax cuts several businesses in our communities gave pay raises, bonuses and better benefits to employees including:

  • Cummins in Jamestown raised its minimum entry-level wage to $15 per hour and expanded plans to allow additional paid time off for new parents.The company also decreased the out-of-pocket maximums required to be paid by its employees for healthcare and added $1,000 to each of their 2018 Health Savings Accounts. 
  • The CVS distribution center in Chemung increased the starting wage rate for hourly employees to $11 an hour and are keeping health care premiums stable despite a 5 percent increase in medical and prescription costs. The company also created a new paid parental leave program which enables workers to take up to four weeks off with full pay to care for a new baby.
  • Otis Eastern Company in Wellsville declared tax cuts will allow employees to collectively take home an additional $1 million more this year.
  • Home Depot’s across the district gave employees up to a $1000 bonus.
  • Lowe’s across the district gave bonuses up to $1000 and expanded its benefits package for full-time workers to include paid maternity leave for 10 weeks, paid parental leave for two weeks, adoption assistance of up to $5,000, and faster eligibility for health benefits.

Tom is on the committee which wrote the recent tax cuts and after hearing from families in the Finger Lakes, Southern Tier and Western New York tax cuts 2.0, which was introduced this week, included a provision to make both the tax cuts and the $2000 child tax credit permanent to create certainty for families. 

“Now with tax cuts 2.0 we are working to make tax cuts permanent and make it easier for families to invest their money in both their own and their children’s future,” Tom said. “We care about providing for our neighbors and feel we should update our tax code every year to ensure it is treating people as fairly as possible.”

This is why tax cuts 2.0:

  • Allow families to save more and earlier for the future by making it easier for businesses to offer retirement savings plans while ensuring workers can easily participate in these plans.
  • Permit families to access their own retirement accounts on a penalty-free basis to use as they see fit when welcoming a new child into the family, whether by birth or adoption.
  • Establish the first ever Paid Family Leave Tax Credit.

Tax cuts 2.0 will provide certainty for our families, workers, and small businesses by making tax cuts permanent and create an estimated

  • 1.5 million new jobs
  • Increase wages by 0.9%
  • Increase GDP by 2.2%
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