The Unified Tax Relief Framework Will Bring Jobs and Businesses Home | Eastern North Carolina Now | "We must reduce the tax rate on American businesses so they keep jobs in America, create jobs in America, and compete for workers right here in America -- the America we love."

Coronavirus Disease 2019 (COVID-19)
News Release:

    "We must reduce the tax rate on American businesses so they keep jobs in America, create jobs in America, and compete for workers right here in America -- the America we love." - President Donald J. Trump

    AMERICAN BUSINESSES AND WORKERS GET TAX RELIEF: President Donald J. Trump is supporting crucial tax relief in the unified framework so American businesses will come back to the United States.

    •  The framework will reduce the corporate tax rate to 20 percent.

    •  The framework will cap the top marginal tax rate paid by sole proprietors, S corporations, and partnerships to 25 percent.

    •  For the next five years, American businesses will be able to immediately write off the cost of their heavy equipment and other capital investments.

      •  This will help American businesses afford the heavy industrial machinery and other capital investments they need to grow.

    BRINGING PROFITS HOME: The unified tax relief framework supported by President Trump will end the "offshoring model" that encourages companies to keep their profits out of the country.

    •  This plan will stop the "offshoring model," which penalizes companies for incorporating in the United States.

    •  Profits that have accumulated offshore will be subject to a one-time low tax, thereby ending the tax incentive to keep those profits offshore.

    •  To avoid paying high U.S. corporate taxes on foreign profits, American companies often reinvest their money abroad instead of repatriating it to American shores.

      •  Companies hold an estimated $2.8 trillion in earnings offshore, according to Audit Analytics.

    •  The U .S. Treasury Department's Office of Tax Policy has said the American tax system for multinational corporations has "serious problems."

    CURRENT SYSTEM HURTS AMERICAN WORKERS AND BUSINESSES: The United States has the highest corporate tax rate among developed economies, a burden carried by American workers.

    •  A crushing tax burden on American companies is really a crushing burden on American workers.

      •  According to one study by the CBO, over 70 percent of the corporate tax burden falls on American workers.

    •  The United States has the highest corporate income tax rate among the 35 industrialized Organisation for Economic Co-operation and Development (OECD) countries, according to the OECD.

      •  The U.S. corporate tax rate has been higher than the OECD average for almost 20 years.

      •  The average total corporate tax rate among OECD nations is 24 percent, while the United States is nearly 40 percent.

      •  The U.S. average corporate tax rate is almost 10 points higher than China's, according to the Congressional Budget Office.

    •  "The United States has the highest corporate tax rate...and despite offering significant additional deductions, exclusions, and tax credits, imposes the heaviest tax burdens," according to new research published in a Brookings paper on economic activity.

     Contact: White House  •  whitehouse.gov/the-press-office
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