Abolish the corporate tax rate and watch jobs flood back
These control freaks will never learn(or maybe they don’t care) but the money will always flow where there is the greatest return.
I always think of Curly trying to fix a leak and ends up with a labyrinth of pipes(the US tax code?) when I see these control freaks try to stop the water(money) from flowing.
Offer the greatest return and the money and jobs will come back.
“Abolish the corporate tax rate and watch jobs flood back”
That would bring the profits from foreign operations back, but not many jobs. The jobs were driven off by regulaltions. My company dealt with a city, county, state and the federal EPA. They all had inspectors and inspections. Any inspector at any level can shut your doors instantly. We were a small quantity generator and the impact should have been near zero. But before each inspection the entire plant and outside was spit-polished. There was an EPA engineer hired at around $110k plus bennies to deal with them. Once they made us spend an extra $50,000 to secure a temporary storage facility to their specifications because it had a dozen 55 gallon drums of water soluble cleaner. (Rediculous.) Then there’s the impact of the local tax people. To save money the company had only built half of the approved parkinglot. When they went to build the rest the county required a second environmental impact statement. (This was a former pasture in an industrial park.) That cost as much as the company saved by delaying the paving until they needed it. Government at all levels view companies as cash cows to be milked. Then there’s all the legal shenanigans about employees. Oh, and the taxpayer will pay for a lawyer if an employee feels like he’s racially discriminated against. That’s an industry all of its own. None of this exists off-shore. So it’s MUCH cheaper even though the labor situation off shore has its own problems.
If you want jobs back get the government out of the employer’s wallet.
Watch the money flood back too. Currently, all profits made abroad by US companies remain abroad because our government punishes them for bringing that cash back here where it can be better put to use.
Will abolishing the corporate tax also eliminate the trend from voters to punish those that don’t align with their beliefs? I would like to know the answer to how to stop the expanding welfare state. The ‘Progressives’ are convincing voters they don’t have to work so hard, the state will provide by taking from those that have and giving to those that believe.
Will abolishing the corporate tax also eliminate the trend from voters to punish those that don’t align with their beliefs? I would like to know the answer to how to stop the expanding welfare state. The ‘Progressives’ are convincing voters they don’t have to work so hard, the state will provide by taking from those that have and giving to those that believe.
t is what SHOULD be done, but politicians love to take bribes in order to carve out tax exemptions for their pet companies. A few years ago GE had billions in profits yet through bribes for tax exemptions and “creative accounting” managed to have a tax bill of zero. Small businesses get no such exemptions.
Just make it internationally competitive--say, 20% Federal plus average state tax--and drastically reduce the cash repatriation penalty. Set it at maybe 5%.
Then stand back...