The ideal corporate tax rate should be 0.
If you want less of something you tax it. Kind of tells you where so many of our leaders’ intentions reside.
American firms are, on average at a 17% competitive disadvantage with their foreign counterparts due to the high U.S. corporate income tax rate. The result has been more American firms moving their assets overseas. There has been a solution for eliminating the corporate income tax altogether before each session of Congress since 1999.
It’s the Fair Tax Act(HR25). The Fair Tax will replace all federal income taxes with a national sales tax and abolish the IRS! completely eliminating the corporate income tax will make U.S. firms once again competitive thereby returning their plant assets to the U.S. and in turn creating more jobs in the U.S. Also imports and domestic production are on a level playing field. Exported goods are not subject to the Fair Tax, since they are not consumed in the U.S. but imported goods sold in the U.S. are subject to the Fair Tax because these products are consumed domestically.
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