Economists at various universities around the country signed the letter and believe America will lose its economic edge if Congress fails to pass a bill, CNBC reports.
“Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people. If, however, the bill fails, the United States risks continued economic underperformance,” the letter reads.
The letter goes on to push for a lower corporate tax rate, claiming wages will continue to go down if the cuts are not initiated. “The question isn’t whether American workers are hurt by our country’s corporate tax rate – it’s how badly,” the economists wrote. “As such, the question isn’t whether workers will be helped by a corporate tax rate reduction – it’s how much.”
The economists predict a tax overhaul would raise the gross domestic product by three to five percentage points and drive economic growth through investment and business creation.