Tim Scott has talked about this issue before. It's nice, in the midst of the spending cuts debate, to mentally move to this issue, even if for a few minutes. Progress on corporate tax reform this year is about the most important thing for jobs and growth our Congress could be doing.
From his release:
American corporations are currently burdened by a 35% federal tax rate – the second highest in the developed world. Making matters worse, American companies doing business abroad must pay U.S. taxes in addition to local taxes, a double tax burden that puts them at an unfair disadvantage. “H.R. 937 reduces corporate tax rates to 23% and allows for permanent repatriation of overseas profits, with a goal of heading towards a territorial system of taxation. This will incent companies to locate within our borders, thereby giving our companies the ability to compete abroad.”
The bill, which has 61 cosponsors, is here.
American corporations are making a killing, come on. Wish I made the kind of money they do, I'd be happy to pay 35% taxes. It's time we start to pay the bills (the deficit). On the one hand, conservatives say we're broke and want to cut spending, then on the other hand, they want to make it so corporations get tax breaks. This is not the time. Corporations that take jobs oversees should be heavily taxed. It's time to repeal NAFTA. Perot was right, a country that doesn’t make anything will never be able to survive. Look at how many jobs have left.
Posted by: Tammy | March 29, 2011 at 03:21 PM
Tammy, that's an understandable concern. However, the OECD, which isn't exactly right-wing or pro-big-business, has called lower tax rates the surest path to economic growth: http://bit.ly/e7LmHN It's not about helping corporations get richer; it's about exactly what you say, getting more companies making more and hiring more.
Posted by: CHUSA | March 29, 2011 at 03:47 PM