Save American Businesses
In the past decade alone, almost 50 companies moved their headquarters outside the U.S. through a business inversion, according to the Congressional Research Service. Those that don’t invert are targets of foreign acquisition.
Companies are being squeezed by the U.S. tax code, with the highest rate and most complexity in the world. Many U.S. corporations with global reach have no choice but to shift their headquarters to a foreign country or risk being bought by foreign firms.
Hillary Clinton and Bernie Sanders think the solution is to tax our companies even more, but U.S. businesses just can’t compete when saddled with the highest corporate tax rate in the industrialized world and a taxation system unique in its global reach of American companies’ income.
More will move their headquarters overseas—or get bought out by foreign companies—so Congress must not delay in reforming the tax code to allow American business to compete.
Congress must fix two key pieces to allow American business to compete, and keep them from moving their headquarters overseas or getting bought by foreign companies:
First, the U.S. must fix the highest corporate income tax rate in the developed world. At 39 percent it is far higher than the average rate in the developed world, which is just 25 percent.
Second, the U.S. must end its worldwide taxation system. We are one of a tiny handful of countries on the globe with a worldwide taxation system, meaning the IRS tries to tax all income, not just income earned in this country, trapping trillions of dollars overseas.
Urge Congress to Save U.S. Businesses by Reforming the Tax Code Now!
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Americans for Tax Reform (ATR) is a nonprofit, 501(c)(4) taxpayer advocacy. ATR was founded in 1985 by Grover Norquist at the request of President Reagan. Realizing that Americans not only need to be protected from higher taxes, but from higher spending; Americans for Tax Reform created the Cost of Government Center (CoGC). CoGC focuses on all issues related to fiscal responsibility and accountability, especially spending restraint.
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Posted by Bill Smith at 9:00 AM - Post Link
1 Comments:
Only the Fair Tax maximizes GDP growth and sustains it. Gross Domestic Production is the literal engine that runs our countries economy. Want to maximize JOBS IN AMERICA? Pass the Fair Tax! 80 of the leading economists in the nation have endorsed passage of the Fair Tax because it maximizes GDP growth and sustains it. Look at www.fair tax.org and search for the list of the 80 economists that placed their collective reputations on the line in endorsing the Fair Tax. That takes hits.
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