The ongoing efforts to pass tax reform in Congress are dominating the headlines, and understandably so. The federal tax code is desperately in need of an overhaul and the flaws in the current code act as a giant self-inflicted wound on American companies, who face the highest corporate tax rate in the developed world, with small businesses paying an even higher rate.
While federal lawmakers are on the cusp of passing tax reform, Republican governors have been leading the way in providing tax relief at the state level for the better part of the last decade. Republican governors have cut taxes by more than $60 billion in TK states since the wave election of 2010 that led to the greatest degree of Republican control at the state level since the 1920s. Below is a breakdown of tax cuts enacted by Republican governors since 2010*:
*These figures represent gross tax cuts enacted by Republican governors and do not account for any tax hikes they have approved, which, when added in will result in a slightly reduced net tax cut total. By the end of 2017, ATR will release a comprehensive report on the net tax impact of Republican and Democratic governors nationwide.