Trump’s 2017 tax cuts reduced U.S. tax burden to 4th lowest in the world

According to a new report by the intergovernmental organization Organization for Economic Cooperation and Development (OECD), President Trump’s 2017 “Tax Cuts and Jobs Act” has reduced the U.S. tax burden to one of the lowest in the world.

“U.S. tax bur­dens dropped by the largest amount among those coun­tries in 2018, and the U.S. now has lower taxes than all but three coun­tries in the OECD,” reported the Wall Street Journal.

Since the 2017 passage of the law, “U.S. taxes at all lev­els of gov­ern­ment fell to 24.3% of gross do­mes­tic prod­uct in 2018, down from 26.8% a year ear­lier and 25.9% in 2016.”

The decline in tax burden makes the U.S. the fourth lowest behind Chile, Ireland, and Mexico. 

“The Tax Cuts and Jobs Act brought the U.S. tax code from one of the least com­pet­i­tive to one of the most com­pet­i-tive in the world. We have to con­tinue this work to im­prove our tax code to re­main the world’s most com­pet­i­tive econ­omy,” said Rep. Kevin Brady (R-TX), one of the chief authors of the bill.

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