Skip to comments.A Rate Which Lives In Infamy (USA Will soon have the world's highest corporate tax rate)
Posted on 12/17/2010 7:28:09 AM PST by SeekAndFind
Fiscal Policy: President Calvin Coolidge famously said that the chief business of the American people is business. Now it seems that the chief business of Congress is to make sure American businesses are taxed at a punitive rate.
Earlier this week, Japan quietly announced it was cutting its corporate tax rate by 5 percentage points next year. That will leave the U.S., where the average combined federal and state corporate rate is 40%, with the highest rate in the developed world (see chart).
A high corporate tax rate is a drag on an economy. It affects a country's competitiveness as the steep rates chase away investment. Why pour capital into a factory or tech business in the U.S. when you could build either one in South Korea, where the corporate tax rate is nearly 40% lower and the work force is just as educated, skilled and motivated, if not more so?
Research confirms that high corporate rates have a direct negative impact on economic health. Scholars Young Lee and Roger Gordon found "that increases in corporate tax rates lead to lower future growth rates within countries."
According to the Tax Foundation, Lee and Gordon's findings indicate that cutting the combined average corporate from 40% to 30% which would still be among the highest rates in Organization for Economic Cooperation and Development countries "could boost U.S. economic growth by around 1.1% per year enough to double our nation's wealth every 63 years."
Taking the federal rate alone down to 25% would create an average of 531,000 private-sector jobs a year from 2011 to 2020; boost GDP by an average of $132 billion per year; increase a typical family of four's after-tax income on average by $2,484 annually; expand U.S. capital stock by an additional $240 billion a year;
(Excerpt) Read more at investors.com ...
If America had any sort of realistic industrial/economic self-sufficiency they would not need to “play ball” with any other organization be it foreign government (China) OR international agency (U.N.).
It is in the highest interest of the globalists to keep America from having any advantage, for any advantage could be seen to encourage the American idea of Independence which is antithetical to globalization.
It is for this reason that those in Congress be encouraged to sell this and future generations into the slavery of debt. It is for this reason that regulatory agencies such as the EPA and BATF should be given power and legal authority and funding. It is for this reason that the Constitution cannot be allowed to simultaneously mean what it says AND be the supreme law of the land.
The same thing can be said for the political elites in this country. They are doing everything in their power to insure that only "certain" people succeed......meanwhile insuring that the poor remain dependent on Uncle Sugar for their every desire.....nifty little plan, huh?
If by ‘nifty’ you mean “should get them shot and/or hanged-by-the-neck-until-dead” then yes.
I´m expecting a lot form this new ¨conservative¨ Congress. ´Just another waste of time?
America slipping further by the day....
Further supporting the left’s demonization of American business for “moving jobs abroad”.
You can´t blame this on democrats, they´re only doing their´s job wich is:
TAXES, TAXES, TAXES, TAXES, TAXES, TAXES, TAXES, TAXES,
We’re already broke ASS AMERICAN’S!!
We’re so “broke” & can’t help our own Seniors, Veterans, Orphans, Homeless etc...........
We have allowed millions of illegal aliens to enter our country, have babies that we pro-vide FREE housing, medical care, food stamps, welfare, education that cost us broke ass Americans 22 BILLION a year...not to mention the thousands of Americans that have been victims of crimes and DUI’s.
In the recent past we have provided aid to Haiti, Chile, and Turkey.
Our retired seniors living on a ‘fixed income’ receive no aid or get any breaks while our government and religious organizations pour Hundreds of Millions of $$$$$’s and Tons of Food into Foreign Countries!
We have hundreds of adoptable children who are shoved aside to make room for the adoption of foreign orphans.
USA, a country where we have homeless without shelter, children going to bed hungry, elderly going without ‘needed’ meds, and mentally ill without treatment - etc,etc...
They have a ‘Benefit’ for the people of Haiti on 12 TV stations, ships and planes lining up with food, water, tents clothes, bedding, doctors and medical supplies.
Imagine if the *GOVERNMENT* gave ‘us’ the same support they give to other countries.
And don’t forget our new Health Care Law mandates that we all pay into it or pay a fine, or go to Jail if we don’t. Yet Illegal Mexicans and Arabs still get free Health Care in our country at our expense! It is written in the bill that way!
Sad isn’t it?