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Economists Back Senate US Tax Reform Plan

by Mike Godfrey, Tax-News.com, Washington

30 November 2017


A group of 137 economists has urged Congress to pass the tax proposals currently being considered in the Senate.

"Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people," they said in an open letter published on November 28. "If, however, the bill fails, the United States risks continued economic underperformance."

The letter said that currently the US is not "economically competitive" due to its "chart-topping" corporate tax rate, which has resulted in the country "forfeiting its competitive edge".

"We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity – all of which will yield more jobs and higher wages," it concluded. "Your vote throughout the weeks ahead will therefore put more money in the pockets of more workers."

The letter was signed by economists including James C Miller, the former Director of the Office of Management and Budget, and Brian Stuart Wesbury of the Joint Economic Committee, one of the four standing joint committees of Congress.

TAGS: tax | investment | business | corporation tax | United States | Tax

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