Tax Relief

Tax Relief

As a member of the tax-writing Senate Finance Committee, I was proud to see the Tax Cuts and Jobs Act, legislation I supported and helped move over the finish line, signed into law by President Trump on December 22nd 2017. In addition to more than 350 companies handing out special bonuses, increasing wages, and enhancing employee benefits for more than 4 million workers as a direct result of the new law, Nevadans and Americans everywhere have already benefitted from bigger paychecks. The largest overhaul of our tax code in more than 30 years, this bill provides critically important tax cuts to Nevada’s middle-class families, boosts job creation, and spurs economic growth in communities across the state. It also eliminates Obamacare’s individual mandate tax penalty, which will help the tens of thousands of Nevadans who would otherwise be forced to pay the fine.

I am the son of a school cook and auto mechanic, and I know the hard work that goes into every paycheck. That is why I am also proud that the Tax Cuts and Jobs Act includes my provision to double the child tax credit from current law, as well as my measure to make it easier for startups and businesses to give employees an ownership stake in their company’s success. Given that real median household income in Nevada is down $7,000 from 10 years ago and Nevadans are more likely to be living paycheck to paycheck than Americans living in almost every other state, Nevadans have been waiting for a break. This legislation is the break that they deserve.

Sen. Heller joins Ivanka Trump and his colleagues in discussing how an enhanced child tax credit could help Nevada families.

More than 350 companies have announced special bonuses, wage increases, and/or enhanced benefits for more than four million employees.  Below is information about how workers in Nevada are benefiting as a direct result of the Tax Cuts and Jobs Act:

Apple, which just broke ground on a new facility in Reno: Pledged to spend $350 billion on development and create 20,000 jobs nationwide in the next five years.

Alaska Air Group: The company, which employs 300 people in Nevada, announced it will be giving its 22,000 workers a $1,000 bonus.

American Airlines: The company, which has 667 employees living in Nevada, announced it is giving all employees a $1,000 bonus in the first quarter of 2018.

Anthem, Inc.: The company, which has roughly 470 associates in Nevada, will contribute $1,000 to each of the 401(k) accounts of more than 58,000 employees and recent retirees.

AT&T: The company, which has 200,000 U.S. workers, including 1,100 Nevadans, announced it is giving its employees $1,000 bonuses.

Bank of America: The company, which has 62 financial centers in Nevada, announced it would give 145,000 employees a $1,000 bonus because of tax reform.

Best Buy: The consumer electronics retailer, which has 1,100+ workers in Nevada and 10 stores across the state, said that this month it will pay one-time bonuses of $1,000 to full-time workers and $500 to part-time employees.

CVS: The health company, which has 2,000 employees in Nevada and 100 stores, recently announced that effective April 1st, it will increase the starting salary for hourly employees and increase wages for hourly employees. It also committed to holding health premium contributions steady for the next plan year, and announced four weeks of fully paid parental leave for employees.

Fontainebleau: Developers are resuming the stalled project as a result of tax reform and have previously committed to creating over 10,000 jobs in southern Nevada.

JetBlue: The company, which has more than 100 crewmembers living in Nevada, announced it will give $1,000 bonuses.

JPMorgan Chase: Announced it is increasing wages, expand benefits, and create 4,000 jobs throughout the country. Chase has 82 branches in Nevada.

Lowe’s Home Improvement: The home improvement retailer, which has 2,000+ workers in Nevada and 17 stores across the state, announced it is expanding benefits - like adoption assistance and paid parental leave - and giving bonuses up to $1,000 for its employees.

Prospector Hotel & Gambling Hall in Ely, NV: The hotel recently gave its employees a $500 bonus and raised its starting wages to $12 per hour because of changes in the tax code.

Sinclair Broadcast Group: Employs 270 Nevadans and committed to giving its workers a $1,000 bonus.

South Point Hotel, Casino & Spa: The owner recently announced he is doubling South Point’s 2,300 full-time workers’ bonuses.

Southwest Airlines Co.: The company, which employs 3,600 Nevadans, said it would give all full-and part-time workers a $1,000 bonus on Jan. 8, 2018.

UPS: The shipping company, which has 3,400+ workers in Nevada, announced a $12 billion investment program, and increases for pension funding.

Wal-Mart: Will increase wages, give eligible employees a special bonus of $1,000, and expand maternity and parental leave benefits - benefiting 8,700 Wal-Mart associates living in Nevada.

Waste Management: More than 300 employees in Nevada will be eligible for a $2,000 bonus at the end of 2018.

Wells Fargo: The company has more than 100 banks in Nevada and will be giving nearly 900 Nevadans a raise. 

Secretary Mnuchin Joins Heller in Las Vegas to talk tax relief.

Background on the Tax Cuts and Jobs Act:

• Will lead to a 1.7 percent increase in GDP over the long term and 1.5 percent higher wages (Source: Tax Foundation).

• Increases the child tax credit for families in Nevada by 100 percent – changing current law of $1,000 to $2,000. This is one of my provisions.

• Eliminates Obamacare's individual mandate tax penalty to provide relief to tens of thousands of Nevadans.

• Reduces rates on lower- and middle-income individuals and families.

• Preserves and temporarily expands the medical expense deduction.

• Preserves the mortgage interest deduction.

• Preserves the treatment of student loan interest or tuition forgiveness.

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