releases: https://www.speaker.gov/general/working-economy
Data license: MIT · Data source: dwillis/congress-press
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| https://www.speaker.gov/general/working-economy | A Working Economy | 2017-12-18 | 2017 | 2017-12 | Republican | House | WI | Paul Ryan | R000570 | www.speaker.gov | legacy | America is strongest when her people are thriving. But for too long, our economy hasnotbeen meeting its potential. Wages have been stagnant. Good jobs are too scarce. Companies have been fleeing the United States for lower tax rates abroadcausing hardship forfamilies and local communities. But soon, a new day is coming. The Tax Cuts and Jobs Act will put Americans back on top, with anew tax system designed to give a boost to American businesses big and small. For starters, under the Tax Cuts and Jobs Act, on January 1, 2018, the corporate tax rate will drop from 35 percentthe highest in the industrialized worldto 21 percentAmericas lowest rate since 1940. This alone dramatically reducesthe incentive to ship jobs overseas, and American workers are the beneficiary. When companies invest in the United States, the demand for workers increases, which in turn drives up wages for individuals and families. This legislation will also introduce an entirely new benefit for smaller and medium-sized businesses so that they can compete with bigger corporations. For the first time ever, this bill will introduce a 20 percent tax deduction for the for first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships. For job creators with income above this level, theyll see up to a 20 percent deduction on business profits, reducing their effective marginal tax rate to no more than 29.6 percent. In short, were giving small businesses a needed rate cut as well. But thats not all. This bill will also allow businesses to write-off the full cost of new equipment and investments in their operations. Full expensing and a lower tax rate will allow Americas biggest industrieslike manufacturing, retail, and energyto redefine how they do business in the 21st century. You can find more specifics in this summary of the conference report, like protecting small business loans and preserving what works in the existing business tax system. But for now, the macro-effect the Tax Cuts and Jobs Act will have is clear: America will soon be, once again, the best place to invest and do business. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |