Get the Facts
In 2017, Congress passed the Tax Cuts and Jobs Act. The bill cut taxes across the board for American families and businesses.
The tax cuts have been a huge success. Our economy created 5.3 million new jobs before the pandemic and wages increased for working Americans.
Here are the facts:
Tax cuts helped create good paying jobs for all Americans before the pandemic
In just over two years, from the time that tax cuts were signed into law until the economy was shut down in response to COVID-19, the U.S. added 5.3 million new jobs.
The unemployment rate fell dramatically to 3.5% – the lowest in 50 years.
The average middle-income family received a tax cut of $2,000.
Middle-income Americans thrived as median income reached an all-time high of $68,703 in 2019, which was a 6.8% increase over 2018.
Raising taxes will destroy good jobs just when millions of Americans are able to get back to work
Raising business taxes to 28% would destroy 159,000 jobs right when we need them most.
If the entire tax increase proposed by President Biden were enacted, it would kill 542,000 jobs.
New taxes on businesses would reduce wages for the lowest income workers in the country.
Studies show that raising the business tax rate to 28% would reduce wages by almost 1%.
A 28% rate would reduce U.S. growth by 0.8%. That might now seem like a lot, but in our $21 trillion economy that means over $171 billion in lost economic activity per year.
Tax cuts kept U.S. companies in America instead of offshoring jobs overseas
Prior to the tax cuts, the U.S. had the highest corporate tax rate in the industrial world at 35%.
Our old rate was uncompetitive and sent American jobs overseas. The new rate of 21% is squarely in the middle of industrialized countries – 19 countries have higher rates and 16 have lower rates.
The 21% U.S. corporate tax rate is still higher than many of our competitors including the UK (19%), Germany (15.83%), Canada (15%) and Ireland (12.5%).
Raising our tax rate to 28% would leave only four other developed countries with a higher tax rates and put the U.S. at a competitive disadvantage.
Maintaining current tax levels will spur job growth and help increase wages. Raising new taxes will kill jobs and lower wages. Why would any politician want to do that now?
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