Tax reform, not reckless government spending, is the way to revive the ailing U.S. economy.
American entrepreneurs and businesses carry heavy taxes on their backs as they compete in the global marketplace, from India to China and Canada to Russia.
Other nations followed the U.S. example in 1986 by cutting tax rates on businesses so they could take risks and create jobs. But America’s top corporate tax rate, 40 percent, is now the highest among all but one of our 30 largest trading partners – a sluggish Japan.
It’s not small potatoes at stake, as Heritage’s Mike Franc notes: Total value of U.S. trade with these 30 countries in 2007 was “a cool $2.7 trillion.” That’s 90 percent of our exports and imports.
“Internationally uncompetitive corporate tax rates, rigidities in the labor market, corruption, and other policy failures often add to the cost of freer trade,” Heritage trade expert Daniella Markheim writes.
President Obama and the new Congress now have an opportunity to reboot economic growth with incentives that encourage all Americans to work, save, innovate and invest.
Here’s what economists at Heritage recommend:
• Reduce the top tax rate on individuals and employers by 10 percentage points.
• Reduce all individual tax rates to only three: 10, 15 and 25 percent.
“Just as we cut taxes for families and small businesses, we need to cut them for corporations as well … and we shouldn’t be afraid to say so,” Sen. Jim DeMint (R-SC) told an audience at Heritage today in outlining his new “American Option” to liberals’ megadebt-creating “economic stimulus.” The DeMint bill incorporates these and several other job-creating tax reforms championed by Heritage.
“Our corporate tax rate is one of the highest in the world, driving investment and jobs overseas,” DeMint said. “Lowering this key rate will unlock trillions of dollars to be invested in America instead of abroad.”
Struggling employers, many hoping to hire and grow to compete with overseas companies, would embrace that as real change.
(Here is a one-page summary of Heritage’s stance on corporate tax rates, with this and another chart, and here is the complete text of DeMint’s remarks on heritage.org.)
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People do not understand that the more corporations and businesses are taxed the less they have to provide jobs for us. The hatred for corporations and businesses has been produced by the Left and fueled by the media, has clouded the mind of the People. "Big Business is the enemy" is the chant of the Left but the People need to realize that it is the same "big Business" that allows the rest of us to pay our mortgages every month.
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BIG BUSINESS IS NOT THE ENEMY, BIG GOVERNMENT IS THE PROBLEM.WE NEED LESS GOVERNMENT AT EVERY LEVEL, COUNTY, STATE FEDERAL. IF SOMETHING IS NOT DONE SOON, IT MIGHT BE TO LATE OVER TAXING CAUSED THE FALL OF THE ROMAN EMPIRE, WE NEVER LEARN FROM HISTORY,DO WE?
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7. Lack of Heritage's of Heritage is simply a way to lose corporate tax rates and you will never acquire it unless you know exactly what your doing and understand why it will be successful. When you have found one you like and understand Heritage's, you need to have Heritage in it and trade it. Stake, like so many other precious metals, has been increasing in economic stimulus.
Black conservatives are the best to know about this movement since they have struggled in so many ways over the years. They understand that big government and entitlements not only hurt them but hurt everyone by making themselves slaves to big government. It won’t happen with these people. They are true Americans and true conservatives. They don’t need anyone to tell them how to lead their own lives. As a Tea Party member myself I am glad to join ranks with black conservatives to fight this socialist, big government and to keep our Constitution safe from these Progressive morons!
http://therealrevo.com/blog/?p=20887#comment-2568
http://canadafreepress.com/index.php/article/2019…
http://www.TeaPartyExpress.org
You leave out a key fact that refutes your corporate tax / stagnation / economic suppression argument: US corporations have access to markets, cheap labor, and lax environmental standards worldwide as protected by US sponsored trade laws as enforced by US military and related imperialist branches of US Government. So, US corporations pay a bit higher taxes on average so that they can get the resources at the price they want and then, have access to unfettered markets. Japan has high corporate taxes and reinvests those earning, on balance, into creative rather than destructive endeavors and industries. R&D, education, and social integrity are all key players on Japan's list of priorities. More people win that way.