Three American Trucking Associations member companies recently represented the industry at an event in the White House Rose Garden, highlighting the benefits of the Tax Cuts and Job Act signed into law in December 2017.
“Putting truckers in position to have their voices heard on important issues is a critical part of what we do at ATA,” said Chris Spear, ATA's president and CEO. “Our industry could not ask for better representatives than these to talk about the benefits of the President’s tax reform package.”
Executives and employees from Werner Enterprises Inc, Crete Carrier Corporation, and TCW Inc, were in attendance to share how the tax cuts have enabled the carriers to increase employee compensation, invest in new equipment and expand operations.
TCW was represented by President Dave Manning, chairman of ATA, and driver David Livingston; Werner was represented by President & CEO Derek Leathers and driver Quinton Ward, driver Marvin Fielder, and associate Kathryn Oswald; and Crete was represented by CEO & Chairman Tonn Ostergard, Vice Chair Holly Ostergard, and driver Jeff Tetzloff.
ATA was a strong advocate for the Tax Cuts and Jobs Act and hosted President Trump in Harrisburg PA at an event in October 2017 to rally support behind tax reform. A January 2018 survey of ATA member companies revealed that 50% of carriers were planning to increase wages or offer bonuses as a result of tax reform, and 47% were planning to invest their tax cuts in new equipment, including trucks, trailers, and safety technology.
“ATA championed for these tax cuts because, as truckers, we knew full well how they would boost not only our industry, but the larger economy too,” Manning said. “We’re only a few months into them becoming law, yet we can already see their effects in our operations and in a growing economy.”
Tetzloff said: “In the past three months, I got raises that will provide me and my family over $4,000 annually. The extra money in my check provides me and my family freedom and flexibility. Also, the significant increase in my company-provided profit sharing and 401K plan provides me additional retirement security, lessening my dependence on Social Security.”
“Mr President, you care about truck drivers, and it shows,” said Ward, a US Army veteran. “Thank you so much for fighting for us. This tax law means a better future for me, and a significant pay increase this year. As a result, my sister and I are planning a cruise with our family.”
“To fully understand the true size and scale of this law’s impact on our company, I point to some concrete numbers: We have increased our capital expenditures for 2018 by $127 million, or 64%, over the previous year--90% of which was for newer and safer trucks,” Leathers said. “For our employees, we are increasing driver pay by more than $24 million--an average increase of $2,400 per driver.”