March 5, 2025

What Policymakers Are Saying About
Pro-Growth Tax Reform

The 2017 Tax Cuts and Jobs Act (TCJA) unleashed economic opportunity across the U.S. by lowering the corporate tax rate to 21% — helping businesses compete and invest at home, creating jobs and raising wages for American workers and families. As Congress considers extending and strengthening TCJA, policymakers have been highlighting how tax reform is working.

Here’s what they are saying:

TCJA benefited American families and workers.

Representative Jim Baird (R-IN): “A lower tax rate incentivizes more capital investment. That can result in hiring more workers, raising workers’ wages, and increasing productivity instead of driving jobs overseas.”

Senator Tim Scott (R-SC): “TCJA dramatically increased the net worth of Americans, especially low-income and middle-income families. In 2018 and 2019, low-income families increased their net worth by 37%, and the net worth of middle-income families skyrocketed by 40%.”

TCJA increased economic opportunity.

Senator Steve Daines (R-MT): “When you lower taxes for businesses and the American people, you create more tax revenue, you create more economic activity, you create more wage growth ... and you start to get back into winning in terms of global competitiveness.”

Chairman Jason Smith (R-MO): “The 2017 Trump tax cuts revived American manufacturing. We saw 20% growth in investment here at home thanks to policies like 100% immediate expensing.”

Representative Dale Strong (R-AL): “The 2017 Tax Cuts and Jobs Act was a game changer for our nation. It unleashed the full potential of our economy, strengthened America’s businesses and helped create high-paying jobs in communities across our country.”

Extending the 2017 tax reforms will strengthen the economy.

Chairman Jason Smith (R-MO): “Building on President Trump’s tax cuts will deliver a new golden age of prosperity — over 1 million new small business jobs each year, $284 billion in economic growth from more manufacturing, and billions in new investments to revitalize our poorest neighborhoods.”

Representative John James (R-MI): "The Tax Cuts and Jobs Act ignited a wave of American prosperity. By extending the TCJA, we can keep the engine of growth running strong."

Business Roundtable urges Congress to extend and strengthen TCJA.

For more information, visit brt.org/ExtendTCJA.

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Business Roundtable is an association of more than 200 chief executive officers (CEOs) of America’s leading companies, representing every sector of the U.S. economy. Business Roundtable CEOs lead U.S.-based companies that support one in four American jobs and almost a quarter of U.S. GDP. Through CEO-led policy committees, Business Roundtable members develop and advocate directly for policies to promote a thriving U.S. economy and expanded opportunity for all Americans.

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