Oct 31, 2017

Don’t Trade America’s Competitiveness for Corporate Carve Outs

Post by Freedom Partners

Arlington, VA – Recent reports have suggested Congress is considering a gradual phase-in of the corporate tax rate cut as a part of tax reform legislation, instead of an immediate cut to 20-percent. According to CNBC, under the plan some House lawmakers are considering, the corporate tax rate would not reach 20-percent until 2022, which would fall outside of President Trump’s first term.

Freedom Partners executive vice president James Davis issued the following statement:

“We strongly agree with President Trump and the White House that lowering our corporate tax rate to no more than 20-percent immediately is the best way to ignite the robust economic growth we’ve been missing for the last eight years. An incremental reduction not only fails to provide the economic jolt needed to lure investment and jobs from overseas, it also risks that the actual goal of 20-percent may never see the light of day.

“The key to making America’s economy competitive is making our tax code competitive. A simpler, fairer tax code that unrigs the economy will lead to more jobs, higher wages, and better financial security for all Americans. By eliminating as many unfair carve outs, deductions, and loopholes as possible, a 20-percent corporate rate is well-within reach. We support Paul Ryan and his efforts to put forth a plan that delivers on the Trump administration’s promise of making America competitive again and seizes on this once-in-a-generation opportunity.”

The current tax code rigs the economy in favor of well-connected special interests at the expense of everyone else, making it tougher for working families seeking more jobs, higher wages and greater financial security to get ahead. By not passing tax reform that provides immediate tax relief Americans deserve, Congress is jeopardizing the once-in-a-generation opportunity to unrig our broken system through a tax code that works for all Americans.