For decades, the United States had an uncompetitive tax code that disadvantaged workers and businesses. The outdated U.S. international tax system and high corporate income tax rate were major roadblocks to economic growth. Because of an uncompetitive tax code, more than 4,700 companies were lost from the United States from 2004 to 2016.
Thanks to tax reform, our tax code is no longer an economic impediment. The tax law includes:
- A corporate income tax rate that is competitive with the rest of the developed world,
- A territorial-type international tax system that incentivizes companies to invest in the U.S., and
- Tax relief for American families.