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Increasing the Corporate Tax Rate of the TCJA Would Harm U.S. Competitiveness 

The Tax Cuts and Jobs Act of 2017 (TCJA) reduced tax rates for businesses and individuals. The corporate income tax rate was reduced from a tiered rate of up to 35% to a flat rate of 21%. Before enactment of the TCJA, the U.S. corporate rate was the highest among Organization for Economic Cooperation and Development (OECD) nations. (The OECD average is 24%). The TCJA made the U.S. corporate tax regime competitive.

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About the Author
American Chemistry Council

The American Chemistry Council’s mission is to advocate for the people, policy, and products of chemistry that make the United States the global leader in innovation and manufacturing. To achieve this, we: Champion science-based policy solutions across all levels of government; Drive continuous performance improvement to protect employees and communities through Responsible Care®; Foster the development of sustainability practices throughout ACC member companies; and Communicate authentically with communities about challenges and solutions for a safer, healthier and more sustainable way of life. Our vision is a world made better by chemistry, where people live happier, healthier, and more prosperous lives, safely and sustainably—for generations to come.