Op-Ed: Why pro-growth tax reform worked
By Karen Kerrigan | Small Business & Entrepreneurship Council | thecentersquare.com
Why do small and mid-size businesses opt for the C-corp structure?”
A lot has changed since the 2017 pro-growth tax reforms were signed into law. These transformative changes made the tax code more competitive, and fueled the vital investment and productive activity that boosted U.S. economic growth and opportunity for businesses and individuals across America.
The 2017 Tax Cuts and Jobs Act (TCJA) provided relief and incentives regardless of business structure, including a reduction in the corporate income tax rate from 35 percent to 21 percent. The rate went from one of the highest in the developed world to a more competitive level. In response to the lower rates, U.S. companies significantly increased U.S. investment, worker pay and benefits, their plans for new investments and expansion, and new jobs.