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Paulsen Invites Hamel Business to Appear Before Ways and Means Tax Panel

Washington –Philip Homan, the President and Chief Executive Office of Loram Maintenance of Way, Inc, a Minnesota employer based in Hamel, appeared before the House Ways and Means Committee’s Tax Policy Subcommittee on Wednesday to testify to the benefits of tax reform for Loram’s employees and prospects for future growth. Homan was invited to attend by Congressman Erik Paulsen (MN-3), a Ways and Means Committee member.

“Tax reform is making our economy boom, with higher wages, more jobs, and more money in the pockets of hardworking families,”said Congressman Paulsen. “Loram is a Minnesota success story, and it’s a real-life demonstration of how tax reform is helping small businesses grow and invest in their employees.”

“With the passing of the Tax Cuts and Jobs Act Loram embarked on a strategy of reinvesting those savings in three key areas,” said Homan.“First and foremost our people, secondly on equipment and technology and lastly on enhancing our global competitiveness.”

Homan continued to lay out specific steps Loram has taken as a result of the passage of tax reform, including bonuses, wage increases, and new capital investments in equipment. Homan said that tax reform will help Loram compete globally.

“The recently enacted tax reforms have somewhat leveled the playing field and I am confident that we will be able to translate this into future growth opportunities for our company, innovations for our customers and prosperity for our employees,” Homan said.

A video clip of Homan’s testimony and Paulsen’s questioning is available here.