Businesses are moving back to America as job numbers continue to grow. Last week, pharmaceutical company Mylan announced it would be moving back to the U.S. in a merger deal with part of Pfizer Inc.
This is a continued sign of the Tax Growth and Jobs Act creating a thriving economy in the U.S., and making U.S. businesses more competitive in the international market.
Tax lawyers and analysts say that after the U.S. corporate tax cuts in the 2017 law, the edge between the U.S. and foreign rates is small enough that companies are not wanting to risk the reputational and political costs of moving abroad.
In addition to the announcement of Mylan moving back to the U.S., the July jobs report shows that payrolls increased by 164,000 and wages increased by 3.2%. The U.S. labor force is at a record-high with over 163.4 million people with jobs.
The TCJA continues to be a major success for America and Americans. It’s time for TCJA’s critics to accept that tax reform has been great for workers and businesses alike.