For years, the United States has suffered under one of the most demanding corporate tax rates in the industrialized world. Set at 35%, these high corporate taxes forced companies to move jobs out of the United States and keep large portions of their money overseas. Apple, Microsoft, Facebook, Google and General Electric all keep hundreds of millions of dollars in offshore accounts. However, now that Congress has passed one of the biggest tax reforms in history, we’re finally left with a tax code that is among the best in the industrialized world.
Lowering corporate taxes down to 21% has already incentivized companies to bring back money they were hoarding overseas, create new jobs in the United States, and has allowed them to provide significant bonuses to their employees. That’s not to mention the boost that tax reform has provided to the US stock market.
All of these things are just the beginning of the benefits that this new tax code will provide. It’s been a long time coming, but the new tax code will finally allow the US economy to better compete with other industrialized nations.
To hear Speaker of the House Paul Ryan discuss just how beneficial this new tax code has already been, be sure to check out the video below.
