American Trucking Associations Chairman Dave Manning participated in a Congressional roundtable on April 17 highlighting the positive impact last year’s tax cuts and reform package have had on the trucking industry.
“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, president of TCW Inc, speaking at the event convened by House Speaker Paul Ryan (R-WI), House Republican Conference Chair Cathy McMorris Rodgers (R-WA), and House Ways and Means Committee Chairman Kevin Brady (R-TX).
Manning said that as a result of savings from the tax cuts, TCW has been able to give its drivers an average raise of almost $3,000 per driver and boosted benefits, pushing the average salary of a driver at the company to $62,000 annually.
“These investments have had immediate impact,” he said. “In the first quarter, we had our lowest rate of driver turnover in 30 years, all while growing our company by 15 drivers.”
In addition, Manning said TCW has been able to--because of accelerated depreciation--invest $20 million in new trucks, trailers, and intermodal chassis.
“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,” Manning said. “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.”