On the recordFebruary 6, 2018
Last week I received a letter from Frank Suits, Jr. Frank is the president and CEO of Suit-Kote Corporation, a family-owned, multigenerational paving company located in the 22nd District, in Cortland, New York. He wrote to share the impact that the Tax Cuts and Jobs Act will have on Suit-Kote's nearly 800 families. As a direct result of the lower income tax brackets included in the tax cuts legislation, Suit-Kote employees receive an automatic 2 percent increase in their take-home pay in 2018. This increase means about $1,400, on average, in the paychecks of each hardworking family. Suit-Kote's 401(k) plan has also increased by 11.5 percent and totals more than $56 million. This means that each individual employee saw an average increase of more than $6,400 in their 401(k) savings plan. In direct response to the new tax law, Suit-Kote Corporation has announced plans to match the Federal tax cut and provide its employees with a 2 percent retroactive pay increase. They also plan to accelerate its 401(k) contribution for 2018 by 4 months to provide employees additional funds in their retirement accounts. The benefits are not crumbs. These are actual results involving real people. Small businesses like Suit-Kote are proof that delivering desperately needed tax cuts are the most effective way to improve the lives of New Yorkers, not Albany's oppressive tax-and-spend, cronyist policies. ____________________
