Friday, March 30, 2012

Obama Has Finally Made Us #1 Again

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Unfortunately it's in highest corporate taxes. Yes, Japan (the land of 10-year recessions) is about to cut their tax rate while Obama stands fast to a horrible policy that drives businesses to foreign lands where they actually enjoy having jobs and profits and stuff:

Come Sunday, America finally has something to crow about in its economic war with China and Japan: It will have the highest jobs-killing corporate tax rate in the industrialized world.

No, it’s not an April Fool’s joke. When Japan officially slashes its rate to 36.8 percent Sunday, America’s will be tops at 39.2 percent.

President Obama has proposed a rate of 28 percent, but Republicans charge that it comes with $350 billion in new, off-setting taxes. The GOP is pushing for a cut to 25 percent, but the election year is getting in the way of any deal.

The Business Roundtable has been pushing for a clean cut in corporate tax rates, claiming it would spur job growth and industrial reinvestment. They even cite a recent move by England to cut their tax rates from 28 percent to 22 percent, which officials called “an advertisement for investment and jobs in Britain.”
The Obamatons just look at business as a source of revenue to spend on more programs designed to make us a better nation--albeit a nation with no jobs and helplessly addicted to more government handouts.

It's interesting, I was discussing manufacturing with a knowledgeable European guy the other day and he mentioned a resurgence in the US manufacturing sector. Yes, there's a slight resurgence but it's all in the south where state taxes are low and wages are steady. Imagine if the US corporate rate was reduced to say 18%, what would that do to the manufacturing sector?

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