One hundred thirty-seven economists signed an open letter to Congress, supporting that the Republican tax plan will result in more jobs, higher earnings, and a better standard of living.
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.