How Tax Reform Will Unleash U.S. Competitiveness and Create American Jobs
Today’s outdated and uncompetitive U.S. tax code forces American businesses and workers to compete with one hand tied behind their backs. This hurts our economy and drives good-paying American jobs overseas. Here’s how our unified framework for tax reform will unleash American competitiveness and make our nation a 21st century magnet for job creation, investment, and innovation:
Helping Americans Compete and Win Globally
- Delivering a competitive corporate tax rate: A corporate tax rate of 20% – below many of America’s major global competitors – will help our businesses compete around the world and create good-paying jobs here at home.
- Modernizing our tax system for the 21st century: America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in burdensome double taxation for many of our nation’s job creators.
Growing Jobs and Paychecks Here at Home
- Encouraging our job creators to bring home profits now stranded abroad: Our modernized tax code will make it easier and far less costly for American businesses to bring home earnings from overseas to invest in growing jobs and paychecks in our communities. At the same time, these bold reforms will encourage businesses headquartered in other countries to grow their operations and supply chains here in America, providing even more job opportunities for our workers.
- Stopping jobs from moving overseas: Our reforms include tough but fair rules to end special interest tax incentives that now reward companies for shifting jobs, profits, and manufacturing plants overseas. This will help our workers prosper and our economy grow.
Launching a New Era of American Innovation
- Unleashing business investment nationwide: American businesses large and small will be able to fully write off purchases of equipment they can use to improve their competitiveness, expand operations, and increase the productivity of their workers.
- Rewarding “Made in America” research and development (R&D): Preserving the R&D tax credit will encourage more businesses to invest and innovate here in America, creating jobs and helping our nation lead the way on the next generation of cutting-edge products and services.
CLICK HERE for more information on how our unified framework will unleash American competitiveness and grow jobs and paychecks nationwide.