By US Senator John Cornyn
No one likes paying taxes, but everyone appreciates paying less of them. That’s true of families as well as employers. Sending less money to Uncle Sam means there’s more cash in the wallet to save, invest or pay off a debt.
In December, Congress passed, and the president signed, the Tax Cuts and Jobs Act, the first major overhaul of our nation’s tax code in more than 30 years. In Texas, I’m proud to say that the initial effects were immediate. They were significant. And they’ve started to make life easier for Texans who are financially strapped.
Thanks to a new, more competitive tax system, Fort Worth-based companies such as American Airlines paid large bonuses to employees. AT&T, also headquartered in the DFW Metroplex, paid $1,000 to more than 200,000 men and women across the country. Just as important, it also announced $1 billion in capital investments, which should create more than 7,000 new jobs.