Tax and Fiscal Policy Joshua Bolten Discusses Tax Reform and U.S.-China Trade Negotiations at Yahoo! Finance “All Markets Summit: America’s Financial Future”

Nov 14, 2018

JOSHUA BOLTEN ON TAX REFORM:

How tax reform has increased U.S. competitiveness: “We’re seeing a U.S. economy that is strong and operating with some strong tailwinds. That’s true of every one of the 200 companies who are represented at my organization, the Business Roundtable. A lot of that tailwind comes from finally making the U.S. corporate tax rate competitive with the rest of the world. … On the corporate side, [tax reform] was about making it possible for companies to do business in the United States on a competitive basis – and it is having that effect. If you see a good economy today, I think a lot of thanks has to go to the tax reform.”

Tax reform is benefitting U.S. workers and spurring economic growth: “Look at the hiring that’s going on. Wages are starting to go up. The lowest unemployment rate in decades. Very strong investment. Investment by American companies went up 7 percent year-on-year. And I think a lot of that is the product of the tax reform. Dollars that have been trapped overseas by our uncompetitive tax code are coming back to the United states. Take a look around and you see the results of tax reform. And you see a reversal of what has been going on really for decades now, which is an increasingly uncompetitive tax code had been forcing companies to do their business overseas. They’re now bringing it back to the United States, and every one of our CEOs will tell you that’s the case.”

Tax policy in the new Congress: “One of the most important elements of a successful tax policy is that it’s predictable. So, it would be a big mistake to make any big changes now. … We ought to continue pushing to make this country the most competitive place possible to do business. That’s what’s in the long-term interests of everybody in our society.

JOSHUA BOLTEN ON U.S.-CHINA TRADE NEGOTIATIONS:

Bolten urged a more constructive approach to address discriminatory Chinese trade practices and called for de-escalating tariffs, which have harmed U.S. consumers, businesses and workers.

CLICK HERE to view the discussion on addressing Chinese trade practices through constructive negotiations.

CLICK HERE for Bolten’s remarks on the harm resulting from escalating tariffs.