ICYMI: New Tax Foundation Report Highlights State-by-State Benefits of Pro-Growth Tax Reform

Nonpartisan Study Finds the House Republican Tax Reform Blueprint Will Create 1,687,000 New Jobs, Grow Wages by Nearly $5,000 for Middle-Income Households
April 11, 2017 — Blog   

Today, the nonpartisan Tax Foundation released state-by-state information highlighting how the House Republican Blueprint for comprehensive tax reform—including the border adjustment provision—will create jobs and grow wages around the country.

The study found annual after-tax income for middle-income households would rise in every state and by $4,917 on average across the country. For example, the estimated increases in income would range from $4,773 in Kansas to $4,913 in Texas. The study also found that the Blueprint would create jobs in every state and deliver 1,687,000 new jobs across the country. For example, the estimated number of new jobs would range from 16,546 in Kansas to 140,374 in Texas.

Ways and Means Chairman Kevin Brady (R-TX) immediately praised the report:

“This new data proves once again that our comprehensive tax reform Blueprint will create jobs and increase paychecks in Texas and every state across America. We will continue to move forward on bold pro-growth tax reform that will fix our broken tax code and improve the lives of all Americans.”

Scott Hodge, President of the Tax Foundation, specifically highlighted the pro-growth impacts of the Blueprint:

“[O]ur analysis found that the ‘plan would significantly reduce the cost of capital and reduce the marginal tax rate on labor. These changes in the incentives to work and invest would greatly increase the U.S. economy’s size in the long run, boost wages, and result in more full-time equivalent jobs.’”

For the country as a whole, the Tax Foundation estimates that our Blueprint will create roughly 1.7 million new full-time jobs, grow America’s economy by over 9% in the next decade, and raise after-tax incomes by 8.7%.

READ the table below to see how our Blueprint grows jobs and wages in your state and across America.

CLICK HERE to learn more about the House Republican Tax Reform Blueprint.

SUBCOMMITTEE: Tax Policy