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Sal Nuzzo: Companies in Florida are expanding with new tax law

FedEx recently announced that employees will be issued wage raises and bonuses due to its predicted increase in revenue from the President’s new tax law.

FedEx joins companies like BancorpSouth Bank, Spellex Corporation and RGF Environmental Group in Florida who have also made similar announcements.

The new tax law, Tax Cuts and Jobs Act, reduces the corporate tax rate from 35 percent to 21 percent; providing companies billions they can allocate toward employee salaries, job creation and research and development among other areas.

For more than 30 years, The James Madison Institute has advocated for limited government and economic prosperity. It’s fitting that the last time we had comprehensive tax reform, JMI was just being founded.

Over the course of the past 30 years, we have seen our tax code evolve into a monstrosity that only the most steeped tax attorney is able to navigate. One thing is certain, the code had become an obstacle to sustained economic growth for far too long.

FedEx’s announcement means that 12,815 number of employees right here in Florida will get raises. FedEx operates 234 facilities all across the Sunshine State and its growth continues with the opening of a new 237,000 sq. ft. FedEx Ground facility in Kendall that will produce approximately 170 FedEx Ground employees and around 140 contract service provider employees.

This is an economic boon to the Miami-Dade community and the entire state.

We are thankful FedEx invests in Florida and will continue to have a presence here.

We hope that other companies will follow suit by contributing their revenues from the tax law to the economic growth of the state and welfare of its employees.

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Sal Nuzzo is Vice President of Policy at the James Madison Institute in Tallahassee.

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