Tax cuts bring money back to America

For years, America's high corporate tax rate forced companies to stash their money in overseas accounts.

How times have changed. The Bureau of Economic Analysis recently reported that $305.6 billion has returned to the U.S. from overseas accounts.

We can thank the Tax Cuts and Jobs Act, which slashed the corporate income tax rate from 35 percent to a much more competitive 21 percent. Based on empirical evidence, the reduced tax burden has encouraged job creators to invest in American workers and grow their businesses here.

And it's not only large companies that are benefiting: Small business owners are also feeling the positive effects of lower taxes and higher cash flow.

As of early June, more than 600 U.S. employers have publicly announced pay raises, bonuses and other employee benefits because of the Republican tax cuts. From Apple to local grocery stores and mom-and-pop diners, our nation's job creators are putting their tax savings to work.

Let's not forget small businesses, hundreds of which are benefiting from tax cuts and passing it on to millions of employees. America is home to 30.2 million small businesses, which employ almost 60 million workers-half of the private-sector workforce. In fact, sole proprietors account for 99.9 percent of all American businesses.

By slashing rates and expanding small business deductions, the Tax Cuts and Jobs Act helped them help others. When these job creators are allowed to keep more of their hard-earned business income, they are able to spread the wealth to employees and customers alike. Our communities then reap the benefits.

According to Bureau of Labor Statistics Data, 6.7 million jobs were open in April, while the ratio of unemployed workers to jobs hit 0.95. This means that there is more than one job available for each person who is out of work.

Many job creators rightly believe that the Tax Cuts and Jobs Act will head off any recession in the years to come. Howard Lutnick, chairman and CEO of BGC Partners, claims the Trump administration's target of three percent economic growth is entirely possible-because of tax-induced job creation. In his words: "That tax cut, people do not understand how strong that is for America. And that creates jobs, creates growth."

In a society that tends to highlight the negativity in our communities, such economic optimism is long overdue. Not long ago, the U.S. economy was stuck in a recession. One decade later, we are experiencing an economic boom that many didn't see coming.

But let's not forget the reason for our prosperity. Because of tax cuts and other pro-business policies, employers large and small are able to operate with more cash on hand. And they know how to spend that money better than any Washington bureaucrat ever could.

Let's continue supporting job creators and the policies that help them help others.