Posted by Tina
If you’ve lost your job, or know someone that has, if your business is closed or in jeopardy, you might want to send a nasty message to Congress about corporate tax rates. This is one of the main reasons that Americans are not seeing jobs come back and it is the main thing that will ultimately cause American innovation and development to fall way behind:
“A Tax To Grind” – Investors Business Daily
Fiscal Policy: The average tax rate assessed to corporations worldwide has fallen 10 years in a row, but the U.S. isn’t driving the trend. Policymakers in the most advanced economy continue to punish their constituents. ** Washington refuses to cut the corporate tax rate. It has languished for more than a decade at roughly 40%, when state and local corporate taxes are figured in, KPMG reports in its 2009 Corporate and Indirect Tax Rate Survey. Republican administrations with GOP majorities in Congress, Democratic White Houses with Democrats in control of the Capitol, split governments — it doesn’t matter. The U.S. corporate rate has acquired a stubborn staying power while globally, until this year at least, “corporate taxes have been driven steadily down,” says KPMG.
The nationwide jobless rate is over 10%. If you include people that have accepted what they hope are temporary or part time work, those that have given up looking for work and teens that would like to work that rate approaches 20%. This congress has shown no signs that they take those numbers seriously. They have been obsessed with health care takeover and a “cap & punish” bill, both of which will only damage the economy and job growth. I guess the real deal about hope and change was that we’d spend the next few years hoping that the change won’t ruin the country completely.
(Keeping the personal tax cuts GWB gave us, instead of letting them expire next year, would also help.)