Sunday, April 1, 2012

It's Official

The United States now has the highest corporate tax rate in the world.
Even Russia, at 20 percent, and China, at 25 percent, have lower rates than America does. The difference in tax rates means American companies are trying to compete with one hand tied behind their backs.
…High taxes also leave less money for businesses to expand, innovate and create jobs. The prospect of saving millions of dollars in taxes has caused some U.S. businesses to move overseas, taking their jobs with them.
In contrast, researchers at the Heritage Foundation have calculated that if Washington were to cut our corporate rate to 25 percent, the benefits to Americans would be dramatic. After-tax income for a typical family would rise by almost $2,500. The U.S. economy would create 581,000 jobs a year over the next decade.
 If the President were truly serious about jobs, lowering the corporate tax rate would be near the top of his agenda.  After all, it's about fairness.  Isn't it?

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