Hatch Hails Corporate Tax Cuts as Good for Retirement Plans
Sen. Orrin Hatch (R-UT) on Feb. 13 cited the cut in corporate tax rates under the recently enacted Tax Cuts and Jobs Act
(TCJA) as a way to boost retirement plans and retirement savings. Hatch made his remarks at “The Tax Cuts and Jobs Act: The New Business Tax Landscape,” a program held by the Urban-Brookings Tax Policy Center in Washington, DC.
“The success of our nation’s retirement system has been the largest accumulation of wealth in history,” said Hatch, noting that holdings in retirement plans grew 188% in 20 years and amounted to nearly $23 trillion by the end of last year.
Hatch also said that retirement plans account for the largest share of corporate stock ownership, and argued that tax cuts that boost corporations’ finances and performance and the value of their stock will benefit retirement plans and balances.