Last week, West Michigan-based Mill Steel Co. announced $1,000 bonuses for all of 400 of its employees. In a statement, Mill Steel Co. stated the bonuses were a direct result of “the tax cut passed by Congress and signed by President Trump.”
Mill Steel Co., one of the nation’s largest flat rolled steel manufacturers, is the latest company passing tax savings on to their employees. Last month, a West Michigan Engineering firm announced it was issuing $1,500 bonuses to its employees because of tax reform. More recently, both DTE and Consumers Energy announced they would be passing of hundreds of millions of dollars in savings on to customers and reducing rates in Michigan.
The Tax Cuts and Jobs Act was signed into law only six weeks ago and West Michigan residents are already seeing positive results. In addition to employees seeing bonuses and wages increases, and families experiencing lower utility bills, hardworking taxpayers will also see a boost in their paycheck because of a reduction in federal withholding.
The best person to decide how your money is spent is you. It’s your money, not Washington’s.