Press Releases

Released at: May 12, 2018
Contact: Damon Roberson

Carlos Reyes Refutes Wasserman Schultz’ Claims About New Tax Cuts & Jobs Act Signed Into Law Today

SOUTH FLORIDA — The success of the Tax Cuts and Jobs Act (TCJA) of 2017 will be apparent as a handful of U.S. companies are already promising to pay one-time bonuses to their employees and bump up hourly pay with President Trump’s signature into law today, the tax reform bill that has been passed by the Republican-led Congress, said Carlos Reyes, candidate for Congress in South Florida.

Regarding Debbie Wasserman Schultz’s statement on the new law, Reyes called it the “the politics of  extreme fear and division based on identity politics” and said the tax bill will create  jobs. “Fundamentally, it’s about job creation and increased wages,” Reyes said. “It’s a transition to a  modern 21st century tax policy.” U.S. companies, he said, “are currently forced to compete under the  most noncompetitive, hard to understand tax code in the global economy.” Summary of Debbie Wasserman Schultz position on the Tax Cuts & Jobs Act signed into law today.

Wasserman Schultz Claim:

Helps special interests to prioritize the wish lists of Wall Street over the needs of middle class families.

Fact:

As the former head of Obama’s Democrat National Committee (DNC) for five years – then fired – no one catered to Wall Street Mega Donors more than Wasserman Schultz collecting more than $ One  Billion Dollars in special interest “soft money” contributions. The new law represents the largest tax
break for middle class families in more than 35 years.

Wasserman Schultz Claim:

The new Tax Cut Law is abhorrent legislation written by wealthy Republican donors, for wealthy Republican donors.

Fact:

This is standard “class warfare” rhetoric that Wasserman Schultz has become famous for in her failed political career. The majority led Republican congress, elected by the people, passed this legislation to benefit America’s working class through job creation and increased wages.

Wasserman Schultz Claim:

This new law will ultimately raise taxes on millions of middle class Americans.

Fact:

This is the first significant reform of the U.S. tax code since 1986. Middle-income households — those making $20,000 to $100,000, which makes up half of all taxpayers — will get $61 billion in tax cuts in 2019, according to an analysis released Monday by Congress’ Joint Committee on Taxation.

Wasserman Schultz Claim:

Increase premiums on healthcare and the numbers who will be without health insurance.

Fact:

Obamacare has been soundly rejected by the citizens of America and is a dismal failure in the free market. One of the next priorities of the U.S. Congress is to replace the current failed Obamacare system with a better healthcare plan for America featuring more choices and lower cost.

Source: https://wassermanschultz.house.gov/news/documentsingle.aspx?DocumentID=1200

Businesses are already beginning to invest as their taxes go down:

1) AT&T was the first company to go public with its plans to pass along coming tax savings to workers, saying once the tax bill is passed it would pay a special $1,000 bonus to more than 200,000 of its nonmanagement workers. Front-line managers, the company said, will also be included in the bonus pool. The bonus could hit employees paychecks over the holidays if Trump signs the bill before Christmas, the company said in a statement. The telecom giant also confirmed it would invest $1 billion more in the U.S. in 2018.

2) Aerospace giant Boeing said it would move forward with $300 million in investments, including $100 million in employee training and education and $100 million to enhance facilities.

3) Media and cable company Comcast said it would award $1,000 bonuses to more than 100,000 eligible employees. The company, which also owns NBCUniversal, said it also expects to spend more than $50 billion over the next five years investing in infrastructure to improve and extend broadband plant and capacity, and its television, film and theme park offerings.

4) Fifth Third Bancorp, a regional bank based in Cincinnati, said it will raise the minimum wage for all of its nearly 3,000 hourly employees to $15, and would distribute a one-time bonus of $1,000 for more than 13,500 employees by the end of the year if the bill is signed by Dec. 25.

5) Wells Fargo, the San Francisco bank also said it would boost its minimum wage to $15 per hour, an 11% increase from its current hourly rate of $13.50. The pay raise will go into effect in March 2018th.

6) CVS will create 3000 new jobs as a result of the new tax cut legislation.

According to the Heritage Foundation, “There is a distinct pattern throughout American history:  When tax rates are reduced, the economy’s growth rate improves and living standards increase. Good tax policy has a number of interesting side effects. For instance, history tells us that tax revenues grow and “rich” taxpayers pay more tax when marginal tax rates are slashed. This means lower income citizens bear a lower share of the tax burden – a consequence that should lead classwarfare politicians to support lower tax rates.”

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Contact: 954-607-2788 or Media@CarlosReyesforCongress.com