The 2017 tax reform worked

By Kevin Brady and Douglas Holtz-Eakin. Excerpt:

"The 2017 tax reform worked. The U.S., which had witnessed the exodus of 10 multinational corporate headquarters a year for a decade, hasn’t lost a single one since the TCJA became law. Year-over-year growth in real gross domestic product accelerated from 2.2% at the end of 2016 to as high as 3.3% before running into the headwinds of trade wars and the pandemic. Real nonresidential fixed investment (the core metric of the nation’s capacity to deliver a higher standard of living) grew 3.3% a year before tax reform but accelerated to 7.5% afterward. Applications for new businesses jumped from 7.4% to 10.8%. The labor market ran hot, and real wages were on the rise while inflation was low."