Letter: Tax reform’s boost to business
At Freer Tool, we are doing our part to help our employees and families have a better way of life by giving every employee a dollar an hour raise starting Monday.
In addition, we have enacted a new bonus program to help all the employees achieve an additional bonus at the end of the year, ranging from $500 to $5,000 dollars per employee.
The recent legislation passed by Congress and signed by President Trump makes vast changes in the tax system we have been ruled by for many years. The main changes are applicable to both business and individual tax payers.
Media coverage on the legislation is shaded by the specific media’s political viewpoint. Consequently, a substantial amount of misinformation has been published. Adding to the confusion is that the law was passed very swiftly while many details of the implementation remain a work in progress.
This scenario has made it difficult to analyze what the real effects will be. But overall it is very safe to say many taxpayers — both individual and businesses — will save tax dollars. Obviously, it is not one size fits all. Some taxpayers will save more than others. But effectively, tax liabilities will be significantly reduced.
In 2017, Freer Tool invested over $2 million in new equipment and tooling because I believed that the president would act upon his tax cuts. Since Trump has been elected, my business has grown over 18 percent from the previous year, and 2017 was the best year Freer Tool has ever had, since its inception in 1994.
I feel very passionate about getting the word out to the public, that small businesses like mine are also contributing to the growth of our economy. With more disposal income, we save more, and spend more on the products that we couldn’t afford before.
Just like President Reagan who cut and lowered taxes in the worst recession since the Great Depression, Trump is the first president who is following in his footsteps. I see 2018 as the best year ever for my company, and for my employees and all the citizens of this great nation.
John Fulton, CEO
Freer Tool and Supply