Usually, there is excitement when an individual, a team, a company or a country declares “we’re number one.” Such a chant is often accompanied by a big foam finger elevated up to the sky.
Not so with the United States. When it comes to the world’s highest corporate tax rate, America is now “number one,” a dubious distinction that leaves American companies – and therefore American workers – uncompetitive abroad.
The U.S. corporate tax rate, adding in California’s additional rate, is 39.4 percent. Competitor nations average in the low 20’s.
Adding insult to injury, America is the only country in the world that double-taxes the profits American companies make while competing abroad. We pay the corporate rate in the country in which we do business, and then pay the U.S. rate that is left over if our company’s ever try to bring those earnings back to America’s shores. This broken system has trapped more than $1 trillion off-shore, unable to make it back home to stimulate the American economy.
Let’s get it right. Congress and the President should be fighting to make American employers more competitive globally, not less so. Overhaul America’s corporate tax code; incent companies to repatriate dollars earned overseas; grow America’s economy. For more details, visit “winamericacampaign.org”.