Last week, Republican leaders announced their tax reform plans.
The good news is that they’re pro-growth: US corporate tax rates are today the highest in the developed world, and our current system perversely punishes American companies for bringing profits back from their foreign sales. The GOP plan fixes that problem. It also cuts taxes for what has been labeled “flow through” businesses —small and family-owned businesses often use that form. My own family business uses it. The reason it’s important to cut taxes these types of small businesses is because American jobs are almost all created the same way: by small businesses becoming big businesses.
It’s been a pretty bad decade for the U.S. economy: a terrible recession followed by barely a whiff of a recovery.
That lost decade has cost us standing abroad and frayed the social fabric at home. We can end that by embracing the growth model of JFK, Reagan and Gingrich/Clinton.
Americans can’t afford another lost decade.