President Donald Trump visited the H&K Equipment Company near Pittsburgh earlier today. The purpose of this speech was to tout the economic success that America has already seen under President Trump’s new tax plan.
Here is Donald Trump’s full speech at the H&K Equipment Company:
You can also watch the full speech on YouTube if you prefer:
The H&K Equipment Company is far from the only corporation to benefit from Donald Trump’s tax plan.
The economic impacts of President Trump’s tax plan have been unprecedented. Almost immediately after the passage of the Tax Cuts and Jobs Act of 2017 we saw multiple large corporations announce their intentions to share their good fortune with their employees. Companies such as AT&T, Comcast and Wells Fargo announced bonuses and minimum wage hikes for thousands of their workers nationwide.
Apple CEO Tim Cook announced yesterday that his company would repatriate much of the wealth that it has kept overseas:
Apple, which had long deferred paying taxes on its foreign earnings and had become synonymous with hoarding money overseas, unveiled plans on Wednesday that would bring back the vast majority of the $252 billion in cash that it held abroad and said it would make a sizable investment in the United States.
With the moves, Apple took advantage of the new tax code that President Trump signed into law last month. A provision allows for a one-time repatriation of corporate cash held abroad at a lower tax rate than what would have been paid under the previous tax plan. Apple, which has 94 percent of its total cash of $269 billion outside the United States, said it would make a one-time tax payment of $38 billion on the repatriated cash.
For years, Apple had said it would not bring its foreign earnings back to the United States until the corporate tax code changed, because such a move would be too costly. Now Apple’s bet to hold back on paying such taxes is reaping rewards under the Trump administration.
Apple also announced plans to invest nearly $350 billion in the U.S. economy over the next five years. This investment includes plans for a brand-new corporate campus. None of this would have been possible without Donald Trump’s tax plan.
Local power companies are also sharing their new-found largesse with their customers. Numerous utilities have announced that they will be cutting their rates as a direct result of Trump’s tax reform bill. The most recent example of this is Florida Power & Light:
Florida Power & Light Co. said Tuesday it will use its federal tax savings under the new tax law to wipe out $1.3 billion in Hurricane Irma-related costs.
As a result, FPL’s typical monthly residential bill would drop to $99.37 from the current $102.72, according to the utility. Without Irma storm surcharges of $4 to $5.50 monthly until 2020, FPL said its 4.9 million customers would save an average of $250.
FPL had planned to start collecting a new storm charge in March and later ask Florida’s Public Service Commission to approve additional charges until the electric grid restoration bill was paid.
“The timing of federal tax reform, coming on the heels of the most expensive hurricane in Florida history, created an unusual and unprecedented opportunity,” said Eric Silagy, FPL’s president.
$250 may not seem like a lot of money, but even that little bit can make all the difference. Especially when many of FP&L’s customers are still trying to repair homes damaged by the most expensive hurricane in American history. Again, none of this would be possible without Trump’s tax plan.
We were told America’s best days were behind us. The anemic economy that arose from the aftermath of the Great Recession was America’s new normal. The prosperity that Americans had enjoyed since the Reagen years was never coming back. The millions of jobs that were lost during the Recession were never coming back. Americans needed to learn to accept mediocrity and get on with their lives.
Donald Trump’s first year has proven that none of that is true. Obama’s economy was not the new normal. It really was possible for America to recapture some of its lost glory. American businesses were ready and willing to help make this country great again. All they needed was a swift kick in the ass to get things going.
Donald Trump’s speech at H&K Equipment Company was a well-deserved victory lap. The Tax Cut and Jobs Act of 2017 has directly led to the improvement of so many average American’s lives. That fact is starting to become clear for more and more Americans. Support for Trump’s tax plan has risen three points from 42 to 45 percent over the last month. Similarly, opposition to Trump’s plan has dropped from 39 to 34 percent. I expect these numbers will continue to improve as more and more Americans benefit from Trump’s actions.
Donald Trump once said that Americans would get sick of winning so much with him as president. Well, Mr. President, it’s been a year…and we’re nowhere near sick of winning yet.