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.