After a busy first year in office, President Donald Trump highlighted the year’s successes, including tax reform and economic growth, during his first State of the Union address on Tuesday, Jan. 30.
He commended the revolutionary Tax Cuts and Jobs Act as having created opportunities for small businesses to succeed after the bill passed last December.
According to Trump, roughly 3 million workers have already gotten tax cut bonuses thanks to the tax act. Citing NFIB’s Small Business Optimism Index, the president reiterated that small business confidence is at an all-time high.
“Our massive tax cuts provide tremendous relief for the middle class and small businesses,” Trump said in the speech.
Glen Miles, president of Converse, Indiana-based First Farmers Bank & Trust, was invited to attend the president’s speech by U.S. Sen. Todd Young of Indiana. An NFIB member since 1989, Miles told the Tribune-Star that because of the tax reform act, First Farmers Bank & Trust will give employee bonuses of $750 at the minimum.
Chelsee & Gene represent so many Hoosiers that live on Main Street, that work in small towns, that live in agricultural communities, that are going to see real benefits from this #taxreform package, & I’m very proud that they could be at the #SOTU with me. pic.twitter.com/5syC7BWadu
— Senator Todd Young (@SenToddYoung) January 31, 2018
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The company also plans to raise wages and invest $250,000 a year in community development and $150,000 annually on employee development, as reported by the Tribune-Star.
“President Trump delivered a strong economic message to small business owners in his first State of the Union address. Following the enactment of the Tax Cuts and Jobs Act, President Trump reiterated his commitment to growing the economy by reducing costly regulatory burdens that have been plaguing small business,” said Juanita Duggan, president and CEO of NFIB.
