We must reform our business tax system to bring good-paying jobs back from overseas and increase our economic competitiveness. pic.twitter.com/ScQWPYVgbV
— Paul Ryan (@SpeakerRyan) July 20, 2017
Republicans are unified on a path forward on tax reform with three goals in mind: a code that is more simple, affordable, and competitive. But what does it actually mean to make the tax code more competitive, and, more importantly, what will this mean for you, your family, and the American economy?
A Stronger Economy
Today, we have the worst tax code for businesses in the industrialized world. As a result, businesses are fleeing the United States and taking good jobs with them. By slashing the corporate tax rate as low as possible and creating a new, lower tax rate for small businesses, we can stop the drain of American businesses overseas and grow our economy right here at home. Tax reform will also end the crazy system that literally traps trillions of dollars abroad—profits that should be reinvested back into our economy.
As the nonpartisan Tax Foundation explains, our corporate tax rate is responsible for persistent wage stagnation. A lower tax rate on businesses and a stronger economy means higher wages for hardworking Americans. At the end of the day, that’s what this is all about: more take-home pay for you and your family.
More American Jobs
A lower corporate tax rate will help level the playing field for American businesses and end incentives for companies to ship jobs overseas. That means more good-paying jobs right here at home. As Speaker Ryan recently told employees at New Balance’s factory in Lawrence, Massachusetts: “What we need to do is we need to throw out those complicated loopholes, those deductions, those special-interest loopholes. And then we are going to create a new, lower tax rate specifically for manufacturers, for small businesses, for companies like this, for businesses across America, so they can actually compete. This will help bring good-paying jobs back from overseas and it’s going to increase our economic competitiveness.”
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