Tax Reform Unleashes America’s Economic Potential
“If we want to renew our prosperity, and to restore opportunity, then we must reduce the tax burden on our companies and on our workers.” – President Donald J. Trump
TAX REFORM FOR ECONOMIC GROWTH: President Donald J. Trump’s tax reform will revitalize the American economy and create millions of jobs.
- Reforming our outdated tax system is critical to boosting economic growth from the recent annual average of 2 percent to 3 percent or more.
Over the next ten years this sustained increase in growth will create:
- 12 million new jobs,
- $10 trillion in additional economic activity, and
- $3 trillion in budgetary savings.
A RECORD OF ECONOMIC SUCCESS: President Donald J. Trump is following past successful tax reforms to jumpstart the economy, create jobs in America, and boost wages.
- Under existing policies, the Congressional Budget Office (CBO) projects economic growth to be stuck at 2 percent for the next ten years. Tax relief and reform can boost economic growth, create jobs, and raise wages for working Americans.
Tax cuts, like those included in President’ Trump’s tax reform package, boost economic growth, according to the Tax Foundation.
- President Bush’s 2001 tax cuts contributed 2.3 percent to economic growth over ten years.
- President Clinton’s 1997 tax cut contributed 0.8 percent to economic growth over ten years.
- President Reagan’s 1986 corporate income tax cut contributed 3.3 percent to economic growth over ten years.
- President Reagan’s 1981 tax cuts contributed 8 percent to economic growth over ten years.
- President Kennedy’s 1962 and 1964 tax cuts contributed 6.2 percent to economic growth over ten years.
Tax reform, including tax cuts, encourages the investment needed to create jobs so Americans can get back to work at well-paying jobs, according to Freedom Partners.
- After President Bush’s 2003 tax cuts, the economy created 6.9 million new jobs over five years.
- After President Reagan’s 1981 tax cuts, the economy created 11.7 million new jobs over five years.
- After President Kennedy’s tax cuts, the economy created 9.3 million new jobs over five years.
A crushing tax burden on American companies is really a crushing tax burden on American workers.
Economists agree that America’s corporate tax harms America’s workers by keeping their wages low.
- According to one study by the CBO, more than 70 percent of the corporate tax burden is put on American workers.
- Economists agree that America’s corporate tax harms America’s workers by keeping their wages low.
AMERICAN ENERGY POSITIONED TO BENEFIT FROM TAX REFORM: President Trump has prioritized the energy sector to help create greater energy independence and is well-positioned to benefit from tax reform and bring back a Made-in-America economy.
President Trump and his Administration have acted aggressively to increase exports of our energy resources to the global market. The Trump Administration has:
- Updated guidance from the Treasury Department to allow the United States to promote investments in overseas coal development in a meaningful way.
Expedited the permitting and approval processes of Liquefied Natural Gas (LNG) terminals and exports, including the approval of the Lake Charles LNG terminal in Louisiana.
- This regulatory streamlining will accelerate the rebuilding of the community around Lake Charles, an area that has been hit hard by Hurricane Harvey.
President Trump has unleashed oil and gas development in the United States by expanding access to resources and the infrastructure needed to get energy to market. President Trump has:
Approved the Keystone XL and Dakota Access pipelines, creating over 42,000 jobs and $2 billion in earnings.
- Signed an Executive Order to help ensure that future pipeline work will be done by American workers and with American steel.
- Expedited new pipeline approval and production, such as the New Burgos Pipeline to Mexico.
- Signed an Executive Order to extend offshore oil and gas drilling and reissued a leasing program to develop offshore resources.
- Boosted oil and gas development on Federal lands.
- Approved the Keystone XL and Dakota Access pipelines, creating over 42,000 jobs and $2 billion in earnings.
- The Environmental Protection Agency is reconsidering an Obama-era rule on greenhouse gas emissions that is estimated to cost oil and natural gas operators as much as $530 million annually.
- President Trump kept his campaign promise to coal miners and rolled back the previous administration’s “Stream Protection Rule,” which targeted the beleaguered industry with estimated costs of at least $81 million per year.