The Reforming America’s Taxes Equitably (RATE) Coalition – whose affiliated companies represent over 30 million employees in all 50 states – released the following statement in advance of the Senate Finance Committee’s hearing on “Early Impressions of the New Tax Law”:
“For more than 5.5 million American workers, more than 500 American employers, and countless American consumers, early impressions of the Tax Cuts and Jobs Act are in: this landmark legislation is living up to its name. In all corners of the country, America’s new corporate tax rate – which was previously the highest in the industrialized world – continues to unleash wage increases, bonuses, 401(k) match hikes, and utility rate cuts. A recent nonpartisan analysis also attributed an average of 1.1 million additional jobs over the next 10 years to tax reform. As American business investment surges and utility bills shrink, the tremendous progress achieved just four months into our modernized, competitive code demonstrates why it was critically important to reduce our rate after nearly four decades of inaction.
“The RATE Coalition commends the Senate Finance Committee for not only passing the historic Tax Cuts and Jobs Act but also providing for its successful implementation with today’s hearing.”