3 Things the President’s Tax Reform Will Do for Hardworking Americans

Last updated on: November 3, 2017 at 8:37 am by Martha English

3 Things the President’s Tax Reform Will Do for Hardworking Americans 2017-11-03T08:37:11-05:00 Martha English

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INVESTING IN AMERICAN JOBS: The Unified Framework for Fixing Our Broken Tax Code supported by President Trump will end the “offshoring model” as companies will bring profits back and invest in American workers.

• In 2016, a Federal corporate tax rate of 20 percent could have brought more than $140 billion in corporate profits back to America, according to an analysis by the CEA.

o Those profits could have helped boost the incomes of U.S. households.

• Our current uncompetitive corporate tax rate encourages U.S. firms to keep profits offshore.

o The United States has the highest corporate income tax rate among the 35 industrialized Organisation for Economic Co-operation and Development (OECD) countries, according to the OECD.

o The U.S. corporate tax rate has been higher than the OECD average for almost 20 years.

• Last year, more than 70 percent of foreign profits earned by U.S. firms were kept offshore, up from 42 percent in 1984, according to an analysis by the CEA.

o Companies hold an estimated $2.8 trillion in earnings offshore, according to Audit Analytics.

• Cutting corporate tax rates will encourage firms to invest back in the United States, creating well-paying jobs for hardworking Americans.

o After President Bush’s 2003 tax cuts, the economy created 7.8 million jobs over five years, based on data from the Bureau of Labor Statistics.

o After President Reagan’s 1981 tax cuts, the economy created 14.8 million jobs over five years based on data from the Bureau of Labor Statistics.

o After President Kennedy’s tax cuts, the economy created 12.0 million new jobs over five years based on data from the Bureau of Labor Statistics.

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