December Brings Year-End Tax Reform Victory

ABA Banking Journal, March-April 2018 | Go to article overview

December Brings Year-End Tax Reform Victory


"Congress made history by giving final approval to the most significant changes to the nation's tax code in more than three decades. The changes in this bill, particularly the reduction in business tax rates, will help grow the economy and create jobs, which will benefit all Americans. Thanks to this legislation, America's banks will get to expand their role as the lifeblood of the economy by increasing financial services, investing in new and more convenient technologies, and opening more doors of opportunity for their customers."

With the passage of the tax reform bill came a flurry of announcements from banks of all sizes about how they plan to pass on the savings they will see from corporate tax cuts to their customers, employees and communities. Banks announced wage hikes (with several raising their hourly minimum wage to $15 per hour), one-time employee bonuses, increased contributions to charitable causes and investments in technology such as online banking. Learn more at aba.com/EnergizingTheEconomy.

TIMELINE TO TAX REFORM HISTORY

October 26: House approves the 2018 budget resolution by a 216-212 vote, clearing the way for tax reform legislation to move forward. …

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