There has been a cloud of no hope looming around the trucking industry in the recent past. The cause of the uncertainty has been the taxes that have been the talk of the town for a while now. According to the American Trucking Association, there is a sigh of relief after the U.S. House of Representatives passed tax reform with pro-trucking provisions. The new law will help the industry through stable tax rules, hopefully for the long term. It will also open many other doors for those who are in the industry and those who would like to join as well. Truckers will now be able to hire and train even more workers. A larger workforce will allow the U.S economy to keep ticking.
The ATA thanked Congress and the president for passing such a tremendous tax reform package. ATA president & CEO Chris Spear said that the trucking industry needs all the clarity it can get to thrive. The looming tax cloud was creating lots of uncertainty. By passing the bill, the ATA president believes that the U.S has successfully avoided one of the most historic tax hikes. Such a hike would have had a big negative impact on both the economy and the supply chain alike. Given a good environment to operate, truckers know that they can invest and help the economy grow to the fullest. It would be mainly through ensuring that the supply chain remains stable.
Most motor carriers run small businesses. They own ten or even fewer trucks. The tax reform is good news for them. It allows them to plan. In return, they continue providing job opportunities that are also well-paying. At the same time, they are in a good position to invest in good equipment. ATA appreciated the lawmakers for recognizing how important these small businesses are. The tax relief is not just for saving companies. It goes a long way to support millions of people who are involved in the trucking industry in different capacities.
Now it is waiting time for the remaining part of the presidential signature. Once the president signs the bill into law, there will be some certainty for truckers. It would be another promise that has come to fruition for the truckers. Now, truckers and customers alike can make more informed decisions when investing and purchasing. The bill is a major lifesaver for the trucking industry at large.
