According to the Tax Policy Center, Barack Obama plans raise the tax burden on all Americans by $627.1 billion over the next 10 years. Defending this policy on ABC’s “Good Morning America,” Joe Biden told Americans they should enjoy paying higher taxes because “it’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.”Apparently, the rest of the world does not view higher taxes as “patriotic” as Biden does.
Over the last decade almost every member of the European Union has cut its corporate tax rate. Germany cut its rate from almost 40% to nearly 30%. The United Kingdom reduced its rate to 28% from 30%. Even the famous Scandinavian welfare states have gotten in on the corporate tax cutting game. Sweden and Norway both dropped their corporate tax rate to 28%, down from 60% and 50%, respectively. Meanwhile, the U.S. corporate tax rate, after averaging in state corporate tax rates, is stuck at 39%. This is higher than all 27 members of the EU.
High corporate tax rates are undermining U.S. international competitiveness. In today’s global economy, high rates deter companies from taking advantage of new market opportunities in countries they otherwise would be eager to compete in. According to the 2008 Index of Economic Freedom, the U.S. has the fifth-freest economy in the world (behind Hong Kong, Singapore, Ireland and Australia). Of the top 10 freest economies in the world, the U.S. has the highest corporate tax rate. Even seventh-ranked Canada has joined the tax cutting crowd. Canadians recently cut their corporate tax rate to 19.5% and they have already scheduled another cut in their corporate tax rate to 15% by 2012.
Heritage analysts Terry Miller and Anthony Kim of the Center for International Trade and Economics examine how these taxing disparities threaten U.S. competitiveness:
Clearly, U.S. inaction and complacency in improving fiscal freedom through tax cuts risks the nation’s global competitiveness; America stands still while its competitors are moving forward. Such inaction is particularly damaging in a time of economic slowdown. A long-term policy plan that strengthens economic fundamentals would calm fears among entrepreneurs and restore confidence in the U.S. economy.
Quick Hits:
- The Securities and Exchange Commission has temporarily banned short selling stocks.
- The Gang of 20 officially announced it would not introduce an energy bill this year.
- The nation’s largest public employee union, the American Federation of State, County and Municipal Employees (AFSCME), has funneled more than $5 million to a series of non-profits running ads attacking Republican congressional candidates.
- According to a new report by Human Rights Watch, Venezuela’s Hugo Chavez is a would-be autocrat intent on consolidating power.
- According to The New York Times, scandal-plagued Rep. Charles Rangel (D-NY) felt entitled to keep his chairmanship of the House Ways and Means Committee because Republican members also facing investigation, Reps. Jerry Lewis (R-CA) and Don Young (R-AK), never gave up their committee positions either.
Why is there s CAP On Soc Sec & Medicare?
The RICH DO NOT PAY THEIR SHARE.
ALL of the people I KNOW
pay on EVERY CENT WE EARN
BUT THE RICH DON'T.
Rush Lumbaugh earns $50 Million a year
if he paid on every cent he earns
LIKE WE DO
he would pay over $8MILLION per year.
What is the NEW name for the USA System?
Free Enterprise -
FE + Subsidies
FES = where the Govt OWN the Banks
FESB = Where the Lobbist $$$ Controls Congress
FESB$ = What did I leave out?
AIG IS ONE OF THE DOW STOCKS.
What will they do about replacing it?
The Corporate tax rate in the Republic of Ireland is 12.5%, which has been one of the main reasons for the phenomenal growth in this Economy over the past 10/15 years.
However, we have come under sustained and severe pressure from other EU countries to "harmonise" (i.e. increase ) our corporate tax rate as they say this rate is luring business away from these countries.In the run up to the recent Lisbon Referendum here, information emerged that once the eurocrats had secured a "yes" vote, an increase in the Corporate tax rate would be forced on Ireland.This forced the Irish Government to "assure" the voters that this would not happen, but luckily the Irish voters decided to err on the side of caution, and voted "no", thereby assuring that we retain the right to set our own corporate tax rates.There is no doubt, lower taxes always translate to economic success.
We need to make the Bush tax cuts permanent.
Further, if Americans vote Obama and his policies into office, I personally believe we are in for a long, hard time of suffering.
Pingback: Morning Bell: Real Patriots Cut Taxes
Pingback: Free Economy Blogs» Blog Archive » - US Economy Slowdown
Like I said befor, our Senators and congressmen have been sleeping at the switch for many years. To bail out any finacial institution I believe is going to be a disaster in the short run. Let the free market work it out and stop regulating them. The problems isn't just the housing market, it's banks involved in areas they shouldn't be. My suggestion is bring back little banks to serve their comunities in our towns and cities. This world global idea, is for the birds.
Thank you Heritage Foundation for your article. You are so right…. real patriots cut taxes. Thanks again!!
Taxes and the economy are crucial to our financial prosperity but it all pales in comparison to our safety and security. This election is first and foremost about choosing a leader that will protect America. However keeping taxes low is what fuels entrepreneuralship…and the basis for that is CONSERVATISM!!
Pingback: Interview Phummisak, on Real Estate in Phuket
Pingback: Free Economy Blogs» Blog Archive » - US Economy Slowdown
It is time for the rich to embrase higher taxes to demonstrate their patriotism?
Well, Biden is rich so if he really believe his rhetoric he would willingly pay more than the minimum tax the law allows.
Anyone want to bet what Biden's tax returns show? Or any of the wealthy elitist Democrats that continuely spout that dribble. Anyone want to bet that the Liberal Elitists don't scoure the 66,000 pages of IRS tax code to see if it is possible that they can pay no tax?
Millionaire John Edwards, the man of two countries fame, never paid Health and Welfare. When asked about it he responded that he paid what he owed. None of these people will ever pay more than they owe.
Waren Buffet, the Oracle of Omaha, claims he doesn't pay enough tax. Just write the check Warren!
Tax cuts for the rich is a great slogan that has been around since the late 1800's, but it still fools some of the people some of the time.
The most expensive commodity in America is ignorance.
Pingback: Conservative Central,is a grassroots blog site,goal keeping Conservative majority Congress,Conservative President. » Blog Archive » » Real Patriots Cut Taxes
I think to help the major effort to save the
stock market .Our government should charge
A entry tax on every visitor upon entry into
the United States of America of ten dollars.
This would create liquid funds to offset our
crisis on wall St. .
We should be very careful to regulate purchases
of strategic institutions by china and russia .
seeking to gain advantage of our struggling markets.
I'm not giving up, no matter what our political leaders decide, I will thrive and prosper and continue to lead a FUN, productive, interesting and happy life. Amen
Bonjour I'd love to thank you for such a great quality site!
thought this would be a perfect way to make my first post!
The best way increase assets it is usually a insightful belief to start a savings or investing game plan as early in life as feasible. But don't worry if you have not started saving your assets until later on in life. As a consequence of hard work, that is exploring the best investment vehicles for your assets you can slowly but surely increase your property so that it extends to a sizable sum by the time you hope to retire. Review all of the applicable asset classes from stocks to real estate as investments for your money. A smartly diversified portfolio of investments in a wide range of asset classes can help your money build through the years.
-Kelly Siemers
currency conversion