President Donald J. Trump and First Lady Melania Trump participate in a Fourth of July picnic with military families at the White House | July 4, 2018 (Official White House Photo by Andrea Hanks)
President Trump’s cutting the federal corporate income tax rate from 35% to 21% is working better than reported earlier, writes James Freeman in the WSJ.
The theory behind the December law, based on numerous studies conducted over a decade by current Chairman of the White House Council of Economic Advisers Kevin Hassett and others, was that lower rates trigger more investment by businesses. This investment in turn makes workers more productive and allows them to earn more money.
The Commerce Department reports that economic growth in the second quarter was even stronger than originally estimated and the Journal notes that among the highlights is “fixed nonresidential investment rising at a 8.5% annual rate, up from an earlier estimate of 7.3%.”
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