Earlier today, Congressional Budget Office Director Phillip Swagel testified before the House Budget Committee about the CBO’s latest Budget and Economic Outlook Report.
Responding to a question from Rep. Dan Meuser (R-PA) on whether “competitive tax rates are essential to the long-term growth of our economy,” Director Swagel stated:
“The lower corporate rate made the United States a more attractive place for global investment.”
That’s right. The non-partisan CBO recognizes the importance of lowering the corporate tax rate to 21 percent as well as maintaining globally competitive rates in the future.
Raising U.S. corporate rates to a globally uncompetitive level would only benefit foreign competition at the expense of American workers and domestic employers. Coupled with steadily rising state-level taxes, an increase of the federal rate would push U.S. tax rates back up to one of the highest in the world, slow our booming economy, reverse wage gains, and reignite the trend of moving local jobs overseas.
Click here to learn more about how the historic tax cuts have fueled business investment in your community.