Tax bill is the rising tide that will lift all Americans’ boats
By James P. Pinkerton
December 31, 2017
Republicans, of course, are already confident that the tax bill will prove itself to be strongly pro-growth: We know that the Tax Cuts and Jobs Act is the logical continuation of the economic ideas made popular in the late 1970s by Jack Kemp, and then embraced, too, by Ronald Reagan. That is, lower tax rates lead to greater growth — including more government revenues.
So now, after more than six years of effort, we have the satisfaction of seeing our goal achieved. At 21 percent, our corporate rate is, indeed, internationally competitive.
Interestingly, in the wake of the recent vote, many companies — including at least two RATE members, AT&T and Boeing — have already announced substantial new benefits for their employees and stakeholders, as part of their overall commitment to investing more in America. We expect many more companies to join them as the economy, now spurred by the tax cut, expands in the years to come.
As John F. Kennedy said as he pushed for his tax cut in 1963, “A rising tide lifts all boats.” JFK was right then, and his wisdom is ongoing today. So despite the many differences between the two parties, the pursuit of that rising tide could yet be a goal that unites all of us.