The United States has the highest corporate tax rate in the world - 35%. It doesn't take a financial genius to understand what this means - money (capital) goes where money gets. And it's not going, or remaining, in the United States.
General Electric paid no U.S. taxes last year. Budget recommendations currently being proposed closes loopholes,like those G.E. has received.
FOX News contributor Charles Krauthammer recommends eliminating loopholes and then, with the money we get from that, lower tax rates across the board to 8%,15% and 23%. It's called "broadening the base." This is something even the President's own Deficit Commission recommends.
I recently heard an argument that Google's operation in Ireland funnels profits there to a bank in the Netherlands. From there it is moved to an offshore bank, in the Bahamas as I recall. Why do I bring this up? Because the U.S. is getting 35% of nothing.
There's no reason that we can't be getting a percentage of SOMETHING. What do you think might happen if we coupled lowered tax rates to reduced government spending? Might we see a return to American prosperity and investment in America?
Take a look at a Sunday newspaper from the 1960s. Scroll to the Employment Ads. Compare what you see there to the same today. Get the picture?.
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