Tax Cuts Work In More Ways than One (Opinion)
Submitted by Carson Now Reader on Wed, 09/05/2018 - 7:21am
Nevadans, prepare yourselves for lower utility bills. And thank tax cuts for the drop. According to the U.S. Chamber of Commerce Global Energy Institute, the Tax Cuts and Jobs Act — passed and signed last year — will save Nevada investor-owned utility residential ratepayers an average of $200 per customer over the next five years.
Investor-owned utility residential ratepayers are those who pay electricity bills that are taxed — most notably NV Energy electricity bills. Their sales make up nearly 90 percent of total sales in the state. All in all, such ratepayers will save roughly $420 million in the coming years.
That’s right: $420 million — all because of President Trump’s tax cuts. Moreover, the reduced utility rates will translate to an additional 1,150 jobs and $545 million in economic output, when you account for customer savings and productivity gains.
You can call that another win for tax cuts. There have been plenty in recent months. Not only are 90 percent of American wage-earners seeing greater take-home pay, but employers are rewarding employees left and right. Since the Tax Cuts and Jobs Act went into effect, more than 715 U.S. employers — businesses large and small —have announced pay raises, 401(k) increases, bonuses, and other employee benefits. Through employer giveaways, tax benefits have been passed on to millions of working Americans.
Apple. Wal-Mart. Chipotle. Aflac. Nationwide. Those are only a few examples of the tax cut beneficiaries — and benefactors — on the list.
And don’t discount small businesses, hundreds of which are also on the list. In Nevada alone, Ely-based Prospector Hotel and Gambling Hall increased base wages to $12 an hour and awarded $500 bonuses. Reno-based HBM Technology Partners also dished out tax cut bonuses to its employees, boosting their purchasing power. Las Vegas’ Universal Plumbing and Heating, meanwhile, hired new employees and purchased new equipment for expansion purposes.
Tax cuts work, and I speak from personal experience. I’m the owner of Junk King, an environmentally friendly debris, clutter, and junk removal franchise in Reno. Because of federal tax cuts, I was able to increase hiring and buy an additional truck to keep up with demand.
If I’ve learned anything since opening Junk King three years ago, it’s that business success is also indicative of the Greater Reno area’s economic health writ large. When residential homes and commercial property are sold, they need junk removal services. Just as federal tax cuts will allow me to invest in more employees and new equipment, they also give American families the leg up to finance the opportunities that they had once put off under more arduous economic times.
This means buying a new home, going on a much-needed vacation, or pursuing another degree. When America’s business community — from New York to California and Nevada — succeeds, its success is passed on so that Main Street America succeeds too.
We’re seeing that success now. So let’s be grateful for it. Tax cuts work — in more ways than one.
Brian Cassidy is the owner of Junk King in Reno, NV.
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