A Quote by Marco Rubio
A better way to help American companies compete against competitors abroad is to remove all series and myriad of obstacles they face in America, whether it's union rules in some states or massive amounts of regulation imposed upon them, one of the most expensive combined corporate tax rates on the planet.
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The other thing that's really important in tax reform is making sure that we don't tax American businesses at much higher tax rates than our foreign competitors tax theirs. It is costing us jobs. It's one of the reasons all these American companies are moving overseas.
I've always believed that human learning is the result of relatively simple rules combined with massive amounts of hardware and massive amounts of data.
I forget what the relevant American rate is, but I can tell you that our goal is to have a combined federal-provincial corporate tax rate of no more than 25 percent. We're on target to do that by 2012. We will have significantly - by a significant margin the lowest corporate tax rates in the G-7, and that's our - our government's objective.
EU tech companies face massive global competitors from Silicon Valley and China. Our goal should be to create real European champions and not to focus on a narrow competition between European states. I strongly believe the European Union can help a lot there by promoting a homogeneous and startup-friendly framework that could help European digital champions to become truly global.
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.
Thing we're trying to add to this is that lower corporate tax rates as we try and spur the economy. So that's where the Donald Trump attention is. The president's attention is on the middle class, making sure that's simple, fair and better. And then on the corporate tax rate, to try and get folks to invest in America again. His focus has not been on the impact on the top 1 percent.
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.
Donald Trump wants to dramatically reduce America's corporate tax rate (to 15%) and thereby unleash economic growth. Hillary Clinton hasn't said a word about lowering corporate tax rates. Being a Fedzillacrat, you don't need to be an economic soothsayer to know that she supports taxing the producers and further strangling America's anemic economy.
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.
Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas tax-free.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
North Carolina needs to revamp the tax code completely. We have some of the highest tax rates, like the corporate tax rate, in the country.
Companies face a handful of different risks, whether it is competitors or different market environments. But I think that people focus way too much on competitors and not enough on their own execution.
I have asked the secretary of the treasury to report by April 1 on whether present tax laws may be stimulating in undue amounts the flow of American capital to the industrial countries abroad through special preferential treatment.
Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
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