A Quote by Jim Jordan
The truth is, our corporate income taxes are some of the highest in the world, and frankly, in my judgment it's unpatriotic if you're not for reducing the corporate income tax. We want to make it so American companies are on a more level playing field competing with companies around the world.
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President Trump repeatedly says that "America is the highest-taxed country in the world." This is an alternative fact. We pay less in taxes, and our government spends less, as a share of our total wealth, than our counterparts in Western Europe and East Asia. But Trump is right when it comes to corporate tax rates; the U.S. corporate income tax right is among the highest in the world.
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
High tax rates distort economic decision making, and our corporate income tax rate is one of the highest in the world.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
Texas has no income tax, which is a big draw for corporate executives who do business there. But it's hardly tax-free. The property taxes are high for a Southern state. The sales taxes are high. One study found that the bottom 20 percent of the Texas population pays 12 percent of its income in state and local taxes.
We definitely are a supporter of lowering corporate income tax and managing through the reprehension of cash for companies because we do think that'll give them more ammunition to grow their businesses and expand what they do.
In America, we have the highest corporate tax rate in the world. One of the reasons why companies have so much money offshore is because it's cheaper!
If you look at the performance of the zero-income-tax-rate states and the highest-income-tax-rate states, I believe a large amount of their difference is due to taxes. Not only is it true of the last decade, but I took these numbers back 50 years. And, there's not one year in the last 50 where the zero-income-tax-rate states have not outperformed the highest-income-tax-rate states.
Most European countries fund their low corporate taxes with some form of a value-added tax, on consumption rather than income.
Everyone else is parsing it in terms of lowering the corporate income tax. Eliminate it. It's not that big of a generator of income, and it's a double tax. Get rid of it, and you would have an explosion of hiring.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
Income taxes are very poor at generating income from automation because the gains are realized by technology companies that are experts at not paying taxes.
America is one of the highest tax nations in the world. Reducing taxes will cause new companies and new jobs to come roaring back into our country. Believe me, it'll happen and it'll happen fast.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
The corporate income tax, in particular, is a tax that puts American corporations at a disadvantage.
Between income taxes and employment taxes, capital gains taxes, estate taxes, corporate taxes, property taxes, Social Security taxes, we're being taxed to death.
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