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With all the conversation surrounding President Donald Trump’s tax reform, I thought it might be helpful to publish what the President says will be included. Below is the press release which came out on October 17th, which you can use as a nice comparison to all of the pundits who will be saying it’s something it’s not:
PAY RAISE FOR AMERICANS: The tax relief and tax cuts supported by President Donald J. Trump will boost wages for hardworking Americans.
• The average American household income could increase between $4,000 and $9,000 a year in wages and salary alone by cutting the Federal corporate income tax rate from 35 percent to 20 percent, according to an analysis by the Council of Economic Advisors (CEA).
o Developed countries with the low corporate tax rates have seen significantly higher wage growth compared with developed countries with higher rates.
o Reducing corporate tax rates will raise wages for workers of all skill levels.
• Wages and corporate profits used to grow at nearly the same rate, but that is no longer the case. In the last eight years, wage growth has stagnated while corporate profits increased by an average of 11 percent per year, according to an analysis by the CEA.
o Wage growth has failed to keep pace with corporate profits as corporate tax rates in the United States have become uncompetitive.
o More than 70 percent of the corporate tax burden falls on Americans workers, according to an analysis from the Congressional Budget Office.
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