The Reforming America’s Taxes Equitably (RATE) Coalition – whose affiliated companies represent over 30 million employees in all 50 states – released the following statement on the six-month anniversary of the Tax Cuts and Jobs Act:
“On December 22, 2017, President Donald Trump, officials in his Administration, and leaders in the Congress restored America’s competitive edge with the Tax Cuts and Jobs Act. In the six months since the landmark tax reform legislation was signed into law, our country’s economy became the ‘world’s most competitive,’ the unemployment rate hit ‘[the] lowest point in half a century,’ one million jobs have been created, and more than 600 businesses of all sizes rewarded American workers and consumers alike with higher wages, bonuses, utility rate cuts, and 401(k) match increases. As job openings, small business and manufacturing optimism, and economic and housing confidence soared to record highs, jobless claims, layoffs, and the African-American and Hispanic unemployment rates sunk to record lows. As a direct result of America’s new globally competitive corporate tax rate, cash is starting to repatriate – and companies are starting to redomicile – back into the United States.
“We couldn’t be prouder that the achievement borne by the RATE Coalition’s six-year pursuit reached its six-month anniversary with such tremendous success. Amid surging second-quarter growth forecasts, all of this good news makes it clear that tax reform and lowering the highest corporate tax rate in the world to a competitive level was the right policy at the right time and we stand in strong support.”