A Quote by Rush Limbaugh
It's simply cheaper to operate the business offshore than it is domestically because of the tax rate, 35%, which is higher than anywhere else in the industrialized world. And one of the things the Trump team says they're gonna do is lower that to 15%. And if they do, folks, you haven't seen anything yet. If they succeed in that - and you watch.
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If Trump and his team are able to lower the corporate tax rate to 15%, you look out. The left have told people that corporations are gonna hide the money or shelter the money or keep it for the CEO. They're not gonna give it away, they're not gonna sharing it, it isn't gonna trickle down. You watch.
You got to remember, S corporations pay one layer of tax, corporations pay two layers of tax. So we basically see equivalent, but here`s the point. The rest of the world, they tax their businesses at an average rate in the industrialized world of 23 percent. Our corporate is 35. Our top S corporate, small business rate is 44.6 effectively. This is killing us.
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!
First, the oil and gas business pays its fair share of taxes. Despite the current debate on energy taxes, few businesses pay more in taxes than oil and gas companies. The worldwide effective tax rate for our industry in 2010 was 40 percent. That's higher than the U.S. statutory rate of 35 percent and the rate for manufacturers of 26.5 percent.
We're going to start making things again in America. As part of our plan to bring back our jobs, we're going to lower our business tax from 35 percent to 15 tax, the biggest since Ronald Reagan.
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.
We owe to every businessperson and worker in America the best environment in the world to create a job. We owe that to American business. 35 percent corporate tax rate is the second highest in the world. We need to lower it so they don’t leave.
Mr. Trump is proud to pay a lower tax rate, the lowest tax rate possible. He fights for every single dollar. That's the mindset you want to bring to the government.
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
The tax rate of 35 percent is impossible to provide an incentive to the large corporations, that have $1.7 trillion offshore, to put their money back in the United States.
As I've written before, China's ability to be the assembly line to the world wasn't where its role in the global economy ended; it was where it began. An ability to make products cheaper than anywhere else gave way to an ability to make high end products more nimbly than anywhere else.
In 2010 the U.S. will have a payroll tax rate increase, an estate tax increase, and income tax increases. There's also a tax increase coming in 2010 on carried interest. This rate will rise from its current level of 15 percent to 35 percent, and then it will rise again in 2011.
Well the thinking is we have the highest tax rate in the world. In the entire world, we have the highest tax rate. There's gridlock in Washington because there's no leadership. So what I'm doing is a large tax cut especially for the middle class and they're gonna- we're going to have a dynamic country. We're going to have dynamic economics. And it's going to be something really special. And people are going back to work.
We've been prepared to make the arguments for lowering corporation tax, which is all about encouraging risk takers, encouraging entrepreneurs, and I observe that for the vast majority of the Labour government we had a top rate of 40 per cent income tax. It's now higher, and I think we should look to get to a simpler, lower tax system.
Donald Trump gets things done. That's all there is, getting things done, accomplishing objectives. And you watch. The reaction to Trump is, "We can't do it that way. This is not the way we do it. That's not the way it's always been done." It's almost cliched, but that is what I expect is gonna happen, and the Democrats, I think, are gonna end up falling even flatter on their face than they have to date because they still are living in a state denial.
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.
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