According to the United States Chamber of Commerce, approximately 17,520 additional jobs will open up in Colorado because of the Tax Cuts and Jobs Act. It is also expected that the median income of a single household in the state will increase by $3,105 in average. This came after the increase in businesses that are processing their Colorado tax ID application in order to legally do business within the state.
Americans for Tax Reform is known for their compilation of businesses that are raising their employee’s salaries, giving out bonuses and providing other benefits and saving including their customers. The group noted that there is a positive impact brought about by the tax reform in Colorado because around 90 per cent of wage earners are now getting more take-home earnings than before.
Scott Tipton, a Republican Congressman in Colorado, said that legislation will help bring Colorado as well as the entire country into the right track because the focus is shifted to providing assistance to startup businesses as well as families who are in need. He added that the people of Colorado have the skill to spend their hard-earned money wisely and the legislation will aid them into doing just that.
Before the end of December last year, a number of companies in Colorado have already pledged that they are going to give their tax savings to their clients and their workers. One of them is Centennial Bolt, a manufacturer based in Denver, which decided that bonuses should be given to their staffs in the form of a Christmas gift. The amount they gave away is equivalent to 5 per cent of an employee’s yearly earnings. Because of the tax reform, Denver now has a new women’s shelter which can accommodate a total of 150 occupants at a time.
Employees of the company are also expecting to receive additional bonus for this month as per the announcement of the management. The tax reform has done a lot of good to businesses therefore new ones are starting their Colorado tax ID application in order to enjoy the benefits o f the new legislation.