From:
US Congressman David Schweikert
Representing Arizona’s 6th District.
MYTH: Tax Reform only helped large corporations.
FACT: Tax Reform helped create jobs and increase wages for workers.
There are many headlines that claim corporations aren’t paying taxes, but this is false - the corporate tax rate is 21%, still higher than many other countries around the world. Tax reform reduced the corporate tax rate from 35% to 21%, helping our nation’s businesses become more competitive with the rest of the world by investing in their employees, equipment, and innovation. This reduction also helped bring back many of the jobs that moved overseas under the previous administration. Many of my democratic colleagues believe that repealing these tax cuts and increasing the corporate tax rate again would help our economy, but in actuality it would undo TCJA’s progress by leading to less jobs, lower wages, and fewer American businesses thriving as we saw before 2016 and the COVID-19 pandemic.