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More good economic news in Virginia

Garren Shipley - May 17, 2018

Good news continues to pour into Virginia by way of the Tax Cuts and Jobs Act. The National Association of Manufacturers released new survey results showing that 72% of manufacturers are increasing wages or benefits, 77% are hiring more workers and 86% are investing in new equipment and facilities. 
 
Virginia manufacturers are adding jobs again after nearly a decade of stagnation. According to the Bureau of Labor Statistics, manufacturing jobs reached just under 240,000 earlier this year — a number not seen since the depths of the Great Recession.
 
When the bill was passed, Tim Kaine said it was highway robbery. That might come as a surprise to the Virginia Department of Taxation. 
 
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State revenue numbers released last week by the Department of Taxation show the Commonwealth on track to take in more than $400 million in new revenue thanks to economic growth spurred by the Tax Cuts and Jobs Act. 
 
 
"Gov. Ralph Northam said Friday that total state revenues rose in April by 17.8 percent compared with the same month a year ago, and collections grew by 6.7 percent in the first 10 months of the fiscal year, or almost double the annual forecast on which the state based its current budget."
 
As you cover the ongoing economic bonanza that is the Tax Cuts and Jobs Act, please consider the following quote from me:
 
“Tim Kaine is going to have a hard time continuing to deceive Virginians about his efforts to block President Trump’s tax cuts. Manufacturers in Virginia and all over the nation are seeing its benefits. This survey of manufacturers shows that Kaine made a poor choice in siding with Chuck Schumer over Virginians and the increased wages, new jobs, and new investments all from the tax cuts.” – RNC Spokesman Garren Shipley

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