ATA Praises Tax Reform For Aiding Trucking Industryby Jake Tully - Published: 4/17/2018
Earlier today, American Trucking Associations Chairman Dave Manning took part in a discussion that centered around the positive impacts that last year’s tax cuts have presented to the trucking industry at an event in Arlington, Virginia.
The event, convened by Speaker of the House Paul Ryan and other politicians across the country, saw Manning praise tax cuts and speak to the impact it has made within the current state of trucking in the United States.
"Trucking is the engine that keeps America moving – and last year's passage of historic tax reform and tax cuts has supercharged that engine in several ways to help us give the economy a boost," said Manning.
The ATA reports that during the roundtable earlier today, Manning said that TCW Inc., the company that Manning serves as president of, has been able to provide nearly a $3,000 raise per driver as well as other benefits as a result of company savings from tax cuts.
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"These investments have had immediate impact. In the first quarter, we had our lowest rate of driver turnover in 30 years, all while growing our company by 15 drivers," said Manning.
Manning also reports that due to accelerated depreciation, TCW has been able invest $20 million in new trucks and other equipment.
According to the ATA, Manning said that the tax reforms signal a positive impact for trucking and businesses across the country alike with a greater share of money being given to several different industries.
"Our story is not unique in trucking. Because of tax reform, fleets across the country are making new capital expenditures, re-investing in our people and putting more money in their pockets," said Manning. "This historic package has been a win not just for my company and my industry, but for businesses and workers across the country. Congress and President Trump should be commended for their leadership in getting it done."