Ugenti-Rita: Arizona Small Businesses Will Benefit from Tax Bill

Michelle Ugenti-RitaA little over a month ago, President Trump signed the Tax Cuts and Jobs Act into law, and Americans are already feeling better than ever about the state of our economy. In a recent poll from Quinnipiac University, 66 percent of Americans rated the nation’s economy as either “excellent” or “good”—a three percentage point jump since last month.

It’s difficult to not be excited about the impact the tax bill is having on Arizona and its small businesses. The relief could not have come sooner.

Arizona is home to nearly 500,000 small businesses that employ approximately one million people. For too long these entities have struggled under a burdensome tax code that has prevented growth. With the previous federal tax rate approaching 40 percent, small businesses saw much of their hard-earned revenue disappear into the pockets of Uncle Sam.

Fortunately, measures included in the new tax relief package will reduce this burden. The Tax Cuts and Jobs Act created a 20 percent standard deduction that applies to roughly 95 percent of small businesses and eliminates high tax brackets in favor of new, lower ones.

To put the standard deduction in layman’s terms, with the help of the new tax legislation, small businesses earning $200,000 a year are able to shield their first $40,000 of income from taxation. That extra cash can now be funneled into employee bonuses, wage increases, job creation, and business expansion. These measures will further bolster Arizona’s pro-business, pro-growth reputation.

According to a report by BMO Financial Group, Arizona’s business environment is already strong. While most state economies are expected to grow by an average of 2.2 percent, Arizona anticipates 2.8 percent growth in 2018. The tax cuts package will only accelerate that advancement.

In fact, we are already seeing some positive results in the state. Arizona-based YAM Worldwide announced it will be giving out $1.3 million in bonuses to its employees. Furthermore, over 1,000 JPMorgan Chase employees in Arizona will receive wage hikes or bonuses as part of the companies nationwide $20 billion, five-year plan to invest back into the country.

In addition, a report from the nonpartisan Tax Foundation found the bill will create almost 6,500 jobs in the state.

These must be the “crumbs” Nancy Pelosi and the Democrats scoffed at while trying to explain away the benefits resulting from tax relief. For some, these “crumbs” represent eased rent worries, the ability to afford childcare or help with the skyrocketing costs of healthcare.

The examples chronicled above are only a small piece of the benefits the tax bill has induced. Imagine the impacts Arizona will feel a year from now.

Rep. Michelle Ugenti-Rita (R) is the Chair of the Arizona House Ways and Means Committee and represents the 23rd House District

Shawnna Bolick Receives Endorsement from Majority Whip Rick Gray

Shawnna Bolick

FOR IMMEDIATE RELEASE 

Shawnna Bolick Receives Endorsement from Majority Whip Rick Gray 

Phoenix, AZ- March 10, 2014- Today, Shawnna Bolick received Representative Rick Gray’s endorsement for Arizona House of Representatives in Legislative District 28. Representative Gray who represents District 21 and serves as Majority Whip, shares a common goal with Shawnna Bolick: a more prosperous Arizona with a leaner state government.

“Shawnna understands the importance of improving government efficiency. Her past public policy experiences at the federal and state levels will help her hit the ground running once she’s elected to office. Her background is steeped in free market and civil society solutions coupled with the need to bring prosperity to the state of Arizona by rolling back the regulatory system and lowering taxes. We are in desperate need of electing common sense individuals willing to roll up their sleeves to find savings to taxpayers. It’s not an easy job and I think Shawnna is the best choice in Legislative District 28 and I look forward to helping her get elected,” Representative Gray declared.

“I am honored to have Rick Gray’s endorsement. Rick and I not only care about being prudent with the taxpayer’s dollars, but we’re both willing to put in the time to build a business plan to put Arizona back on the right path. Rick and I believe in limited government and finding more free market solutions,” stated Bolick.

Shawnna Bolick has lived in Legislative District 28 for 13 years. Shawnna and her husband, Clint, have two children, Ryne (11 .) and Kali (9), plus their five year old rescued greyhound, Beary Goldwater, living in the shadows of Squaw Peak.

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Shawnna L.M. Bolick can be reached via email at info@bolickforarizona.com, or via cell at 602-842-1912. For more information about her campaign please visit www.BolickforArizona.com