The CEO of EYnews Mark_Weinberger says tax reform is working— and the best is yet to come
Mark Weinberger is the global chairman and CEO of EY, and he previously served as assistant secretary of the US Department of the Treasury in the George W. Bush administration.
In total, companies invested nearly $3 trillion in the US in 2018, including $460 billion in research and development. When business invests at these levels, it creates a strong foundation for long-term economic growth, he writes.Tax reform is back in the headlines. Barely a year since the Tax Cuts and Jobs Act's passage, some are already renewing their calls for higher tax rates on individuals, businesses, and families.
By moving the US toward a territorial system for foreign earnings, the TCJA also eliminated incentives for corporations to move abroad and made it more attractive for global companies to invest in the US The first quarter of 2018 marked the first time in 13 years that American companies brought more money home from abroad than they invested overseas.
Tax reform was certainly not perfect. In a complex global environment, no legislation can ever anticipate all of its unintended consequences. Compromises were made to limit long term costs and secure the necessary political support. And, of course, regulations still have to be written and technical corrections to the law made.
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