Nice Snoopy and Charlie Brown Sorry I’m Late I Had To Walk My Dog Shirt

Prior to Trump’s Tax Cuts and Jobs Act, the United States had the highest corporate tax rate in the Nice Snoopy and Charlie Brown Sorry I’m Late I Had To Walk My Dog Shirt industrialized world. Taxes are many companies’ largest expense. Even despite this fact, less than 5% of the taxes generated came from corporate taxes each year. All of this to say, the US was driving companies to seek tax shelters in other countries, offshore jobs, and make US-based businesses less price competitive on a global scale. The changes in tax law that Trump was able to pass will allow American businesses to compete better internationally while having a very minimal impact on overall tax revenue. In fact, the increase in businesses that stay in the US may even generate more tax revenue over the long haul.

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