Richard Rubin explains in the Wall Street Journal that as a result of President Trump’s 2017 tax reform bill, America went from being one of the least competitive countries in the world to one of the most competitive. He writes (abridged):
WASHINGTON—President Trump’s 2017 tax cuts reduced the U.S. tax burden to one of the lowest among major world economies, according to a Thursday report by an intergovernmental organization.
U.S. tax burdens dropped by the largest amount among those countries in 2018, and the U.S. now has lower taxes than all but three countries in the Organization for Economic Cooperation and Development, the report said.
Driven by the federal tax cut that Congress and Mr. Trump enacted at the end of 2017, U.S. taxes at all levels of government fell to 24.3% of gross domestic product in 2018, down from 26.8% a year earlier and 25.9% in 2016.
“The Tax Cuts and Jobs Act brought the U.S. tax code from one of the least competitive to one of the most competitive in the world,” said Rep. Kevin Brady (R., Texas), one of the law’s chief authors. “We have to continue this work to improve our tax code to remain the world’s most competitive economy.”
Read more here.
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