Missouri has played a central role in President Donald Trump’s push for tax reform, hosting his initial announcement of the proposal last August and a key rally in November, just before the bill’s final passage. Wednesday, the president is coming back to Missouri to highlight the massive economic benefits of his successful effort to reduce America’s tax burden.
Our state has already benefited greatly from tax reform. Companies across Missouri, including Central Bank of St. Louis, are using the savings from tax reform to invest in their workforce by issuing bonuses or raising pay for workers. Others are investing in improvements to their facilities, building new locations, or adding more workers to accommodate increased growth.
Boeing in St. Louis — where the president will be highlighting the gains prompted by tax reform, and one of the region’s largest employers — will be investing $100 million nationwide in workforce development and $100 million in facility improvements, plus an additional $100 million in charitable donations. Undoubtedly, a good portion of this investment will be made right here in Missouri, helping to create more jobs.
Of course, tax reform is not the only reason our economy is growing. Jobs are being created and companies are investing more in growth because they know they can trust Trump to make the right decisions for our economy. By supporting common-sense solutions like cutting red tape and bringing a business-first approach (borne out of his personal business success) to the Oval Office, Trump has shown time and again that he is absolutely committed to getting government out of the way of job creation. This has helped grow confidence in our economy to new heights.
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Surveys have shown that businesses have more confidence in our economy now than they have had in recent years. Indeed, the Wells Fargo/Gallup Small Business Optimism Index is at its highest level in a decade, and the National Association of Manufacturers reported that manufacturer optimism was at a 20-year high.
Additionally, the National Federation of Independent Businesses found that a record number of small business owners responding to their optimism index survey said that now is a good time to expand their operations.
Optimism leads to investment, and anything that our government can do to reinforce optimism in our economy is good. Passing tax reform was just the latest signal from the president that America is once again open for business and that he is committed to ensuring we remain the world’s most vibrant economy.
Job creators across the country have taken notice, investing in growth at a staggering pace. New facilities are being built across America, including right here in Missouri. Just last week, it was announced that a new aluminum smelter will be opening in New Madrid County, bringing hundreds of jobs to a community that saw one of its largest employers close two years ago.
The economic impact of new development spreads throughout a community. New facilities bring new jobs, providing good, family-supporting salaries. With more money to spend, workers can take their families to local restaurants, buy cars at local auto dealers and shop at local stores. That causes growth in these businesses, which can result in the creation of more jobs.
Missouri will continue to reap the benefits of these pro-growth policies, and I strongly believe that our state government should look to the president’s strong job creation agenda for guidance as we pursue our own path to lower taxes and less regulation for Missourians. I am confident that tax reform will help ensure more new developments in Missouri as companies, buoyed by the booming stock market and increased confidence in our economy, continue to make investments in the future.
Mike Parson is lieutenant governor of Missouri.