In my role as regional president of BMO Harris Bank in Indiana, I have the privilege of working with local business owners on a daily basis. I am writing this letter to share some of the feedback I have received from them, as well as my own thoughts, regarding the recently passed Tax Cuts and Jobs Act. This is not an endorsement of a political party; I am simply sharing what I am hearing on this very important topic.
Tax reform is accelerating the pace of business in Indiana. Business owners are hiring. They are investing in their businesses. They are making major capital expenditures. They are sharing the benefits of tax reform with employees. That is no more evident than here at BMO, where the savings have allowed us to invest in our most critical resource—our employees. In January, we announced that we would be raising the minimum wage company-wide to $15. Not only does this benefit our employees, but it instills confidence in our customers in Indiana and elsewhere that we are committed to the communities we serve. We also announced that we would raise our charitable giving by 10 percent.
The confidence and ambitions of business owners, big and small, is what drove us out of the depth of the recession 10 years ago. The benefits of the Tax Cuts and Jobs Act will only enhance this—and ultimately put us on a path to further economic growth and prosperity that will benefit the small-business owners I work with every day here in Indiana.
BMO Harris Bank regional president