Tax reform makes America competitive again
By Michael D. Fryt and Pete Sepp
The Commercial Appeal [Memphis, Tennessee]
November 30, 2017
The U.S. Senate has the best opportunity in recent memory to do something truly beneficial for our country: Pass tax reform.
Every Senator should support passage. Failure to cast a “yea” vote could result in this opportunity slipping away, condemning our economy and country to the status quo.
Our tax code is a mess, well-known by tax experts, economists, and politicians from both parties for being economically self-destructive.
It contains a corporate tax rate that is among the world’s highest, and policies that distort basic business decisions – decisions directly affecting jobs and wages.
Most countries have aggressively improved their tax systems in the last 30 years to grow their economies by attracting new businesses. For example, the American Action Forum reports that, since 1988, all but two countries, New Zealand and the U.S., have dramatically reduced their corporate tax rates.
The Senate bill says “enough.” In a preliminary analysis, the Tax Foundation estimated that the bill, before amendments that could improve its revenue score, would produce higher wages, 900,000 new jobs, and sufficient economic growth to be very close to revenue-neutral over 10 years, assuming a current policy baseline.
Tax reform should pass not for our own selfish interests, but in the interests of our country’s future — our children’s and grandchildren’s future.
The great majority of individuals, families and businesses will see lower tax bills if tax reform passes. Most will see their tax-filing processes simplified. But the biggest impact will be from economic growth — which benefits everyone.