The 2017 Tax and Jobs Act – the Trump administration’s one major piece of enacted legislation – did deliver the biggest corporate tax cut in US history, but ultimately workers benefited almost not at all. The bill signed into law by Trump on 22 December 2017 cut the corporate tax rate from 35 to 21%, the largest such rate cut in US history. One idea on the table for nearly six months was a so-called Border Adjustment Tax, which would have raised $1tn and largely paid for the tax cuts. But when the border tax was abandoned, Congress had no plan B to offset the huge tax cuts. One is that the bill, with its 21% corporate tax rate, was first and foremost a gift to multinationals.

Source: The Guardian April 30, 2019 06:00 UTC