Senator Rob Portman is on his tax reform tour and on Monday he made his way through Lima to see how the Tax Cuts and Jobs Act has affected the area. One stop Portman made was at the Lima Pallet Company to tour the facility and hold a roundtable discussion.
"I’ve been to now ten different companies around Ohio talking about this," Portman said. "Some big, some small, some medium sized like this one and it’s the same story everywhere. This is really helping to hire more workers, invest more in the company to increase wages. Some companies are also putting more into retirement, health care, so it’s exciting, it’s happening."
The Tax Cuts and Jobs Act was passed in late December. The bill reduced tax rates to individuals and businesses. Lima business owner Tracie Sanchez said the tax cut has helped her business. Now she’s adding 15-20 jobs and finishing a half a million dollar expansion project.
"Within probably the first week, we ended up giving all of our employees a raise, which has been much needed," said Sanchez, president, and owner of Lima Pallet Company. "We haven’t been able to do that for several years in a row. We also invested in some equipment. We hope to have that hooked up here within the next 30 days."
Portman said growth can already be seen and more is expected.
"I think what you’re going to see is economic growth pick up a little bit," said Portman. "Already in the last two quarters, it’s been up. If that happens then you’ll see the real benefits of the tax reform because you’ll see more revenue coming in but through economic growth. That’s what you want. That helps to get the deficit down, but also grows the economy, which is the right combination."
Other stops Portman made in Lima were to the Joint Systems Manufacturing Center and the Rotary Club, where he announced he will be heading to Germany to see a product, he helped bring to JSMC, in action. He’ll also be spending Easter Sunday with the troops.