If the United States of America wants to rebound our economic situation into long term growth, we need to address the burden of the corporate tax and the effects it has on American business. America has the second highest corporate tax burden in the world, with the average corporate tax rate at 39.3%, however, several states have raised their state corporate taxes so high, the rates near 42% in Iowa and other states.
Folks have pondered the question, "why are American corporations and other businesses going overseas", the answer is simple, "because almost all other Nations have lower corporate tax rates, and thus their personal profits are allowed to grow". Take the Republic of Ireland as a good example, their corporate tax rate is 12.5%, meaning corporations will earn close to 30% more of their hard earned profits in Ireland then in Iowa.
America is in economic turmoil for numerous reasons, reasons which can be debated on for hours upon hours, however, unlike those on the left side of the political spectrum, Conservatives know what will revitalize our economy, and secure long term growth. Maintaining the national debt, cutting spending, closing government entitlements, allowing for more free market competition, and lowering tax rates on everything.
Where better to begin, then the corporate tax rate, a problem which has caused millions upon billions of dollars to flee America, for Ireland......a Nation which received over 3 billion dollars in tax revenue from their 12.5% tax rate in 2001, when their revenues topped 500 million dollars in 1991....when their corporate tax rate was over 30%. America could gain in the same massive revenues, economic freedoms, boom in business in the United States, however, we have to be willing to address the problems which prohibit such growth.
Reducing taxation is a time proven method to increase economic growth, freedoms, and even tax revenues, however, we need to elect folks who will push for such tax reforms, because such reforms would be the launching point for a long term American growth, something all Americans should be interested it.
This would be a solid first step in the economic rebirth of the United States, however, do we have legislators who are brave enough to push for the solutions to pressing problems? I am not sure if we do, and I am sure their pleas would be ignored by the powers that be, oppressive taxaholic liberal morons.
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