The Reforming America’s Taxes Equitably (RATE) Coalition released the following statement on the one-year anniversary of the Tax Cuts and Jobs Act:
“On this one-year anniversary of tax reform, the RATE Coalition shares the tremendous optimism among U.S. small-business owners, manufacturers, and consumers – which hit or hovered near record highs following the Tax Cuts and Jobs Act’s enactment.
“Historic tax reform continues to deliver historic results for the American economy, including the more than 2.3 million new jobs created since its passage. In addition to the redomiciliation of companies and repatriation of cash back into the United States, the economy – which rightfully reclaimed its spot as the world’s most competitive – is on track to hit 3 percent annual growth for the first time in thirteen years, the unemployment rate currently sits at a generational low 3.7 percent, workers continue to benefit from ‘the fastest pace of annual wage gains since April 2009,’ and utility bills continue to shrink for customers in all fifty states. Such success within the span of three hundred and sixty-five days underscores precisely why a globally competitive corporate tax rate was a decades-long priority for leaders of both political parties.
“Looking back to last year’s overhaul of an outdated code that taxed job-creating businesses of all sizes at the highest rate in the industrialized world, the RATE Coalition is proud to have played a part in the restoration of our country’s competitive edge. Looking forward, we are well-prepared to defend it.”