The American Trucking Associations (ATA) recently applauded Congress’ passage of the Tax Cuts and Job Act, which was signed into law by President Donald Trump on Dec. 22.
“Winning doesn’t come easy here in Washington and comprehensive tax reform was no exception,” ATA President and CEO Chris Spear said. “The President, House and Senate are to be commended for putting the American people first. This is the first change to our nation’s tax code in over three decades and the most sweeping reforms America has witnessed in over 80 years. The ATA and its members are proud supporters of this bill and welcome the countless benefits it will bring to the United States economy.”
The bill will enable companies to invest in growth, hire new employees or purchase new equipment which will create an economic stimulus with positive ripple effects, ATA Chairman Dave Manning said.
Several members of the ATA had joined Trump at a rally in October for the bill.
The bill will save 20 percent in payroll taxes, Trump said.
The National Retail Federation called the legislation a “major victory” that will “jumpstart the economy, encourage companies to invest here in the United States, increase wages, and expand opportunities for employees.”
The bill, however, has not been popular with the public. In November, there were 120 protests nationwide against the tax bill.
There also is speculation that in some industries, automation will take the place of hiring new employees. As the corporate tax rate drops, companies can keep more of their income and purchase new automated technology to fill their work needs.