A New Tax Day
This week marked the first “Tax Day” since comprehensive tax reform was passed into law. American Trucking Associations championed the Tax Cuts and Jobs Act — and helped moved the bill through Congress — because, as truckers, we know what lower rates and a simpler tax code do to ignite America’s economic engine.
The law is already delivering remarkable results. The economy is expanding at a faster clip than it has since the Great Recession. That means more trucks on the roads, delivering the goods that keep stores stocked, businesses running and homes filled.
Both the White House and Congress recognized the occasion of this “new” Tax Day to reflect on the monumental effort that helped make tax cuts reality. As one of tax reform’s most ardent, pivotal and vocal supporters, ATA was recognized by the President of the United States and the Speaker of the House at events in the White House Rose Garden and on Capitol Hill.
“Mr. President, you care about truck drivers, and it shows,” said Quinton Ward, a U.S. Army veteran and professional driver for Werner Enterprises. “Thank you so much for fighting for us. This tax law means a better future for me, and a significant pay increase this year. As a result, my sister and I are planning a cruise with our family.”
“To fully understand the true size and scale of this law’s impact on our company, I point to some concrete numbers: We have increased our capital expenditures for 2018 by $127 million, or 64%, over the previous year — 90% of which was for newer and safer trucks,” said Derek Leathers, President and CEO of Werner. “For our employees, we are increasing driver pay by more than $24 million — an average increase of $2,400 per driver.”
Other ATA family members in attendance at the White House: TCW President Dave Manning, chairman of ATA, and driver David Livingston; Werner driver Marvin Fielder and associate Kathryn Oswald; and Crete CEO & Chairman Tonn Ostergard, Vice Chair Holly Ostergard, and driver Jeff Tetzloff.
And on Capitol Hill, ATA Chairman Dave Manning joined House Speaker Paul Ryan and Congressional leaders to discuss how tax cuts have helped to jump-start the economy.
“Trucking is the engine that keeps America moving — and last year’s passage of historic tax reform and tax cuts has supercharged that engine in several ways to help us give the economy a boost,” said Manning.
As a result of savings from the tax cuts, TCW has been able to give its drivers an average raise of almost $3,000 per driver and boosted benefits, pushing the average salary of a driver at the company to $62,000 annually. In addition, Manning said TCW has been able to — because of accelerated depreciation — invest $20 million in new trucks, trailers and intermodal chassis.
Because of tax reform, fleets across the country are making new capital expenditures, re-investing in our people and putting more money in their pockets. This historic package has been a win not just for the trucking industry, but for businesses and workers across the country.
ATA is proud to have been instrumental throughout this process.
