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For many years, the trucking industry has suffered from a shortage of drivers and an inability to meet the shipping demands of a growing American economy. However, that may change in 2018. In December 2017, Congress passed the Tax Cuts and Jobs Act. Despite many people saying that this new law will only help the very rich and hurt the working class, it has promoted even more growth in an economy that's growing exponentially. American companies are bringing back money from overseas and using it to help expand while many workers are receiving either a bonus or raises. It's foolish to say that the Tax Cuts and Jobs Act has not helped the economy. However, how will it help the trucking industry?
First, because of a lower corporate tax rate, trucking companies will be able to keep more of their profits. They can then use it to buy more equipment like trucks. Trucking companies haven't been able to meet shipping demands because they didn't have the trucks or the truckers to deal with it.
Second, trucks are useless if there isn't anyone to drive them. Therefore, trucking companies will need to hire more truckers, which means that there will be more trucking jobs available for the taking. However, this will only works if people are willing to take them.
Third, trucking companies will be able to pay their truckers more. One of the major reasons why people aren't more willing to take trucking jobs is that it requires many hours on the road, which is time away from home. Many people value their time at home more than the money they could make as a trucker. A higher wage may help change this way of thinking and convince people to become truckers.
Even though it's already having a great effect on the American economy, there are still many questions about how to interpret certain sections in the Tax Cut and Jobs Act. However, one thing is clear: things are looking good for the trucking industry because of this bill.
For more information about the trucking industry, please feel free to contact us.
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