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Public Statements

The Week Just Past: USA's Corporate Tax Rate Hurts USA Jobs

Statement

By:
Date:
Location: Unknown

"You may not have seen the notices, or if you did, you might have thought it was an April Fool's joke. But last Sunday, the United States claimed the title of "Highest Corporate Tax Rate in the Industrialized World.'

"We earned this dubious distinction when Japan officially dropped its rate below the U.S. rate of 39.2 percent.

"According to the Organization for Economic Cooperation and Development, the average 2012 corporate tax rate for the 34 developed countries is 25.4 percent. Even Russia (20 percent) and China (25 percent) have lower rates than America does.

"Why is this important? Because the difference in corporate tax rates means our American companies are struggling to compete with one hand tied behind their backs. It's common-sense that high corporate tax rates repel, rather than attract, foreign companies and investment and can even send domestic firms fleeing overseas.

"But, don't take my word for it. The Business Roundtable cites a move by England to cut their tax rates from 28 percent to 22 percent, which their officials called "an advertisement for investment and jobs in Britain.'

"There's no doubt that our high corporate tax rate is a self-inflicted wound to our competitiveness. We need to allow our companies to "get in the game' by reducing this job-killing corporate rate. But beyond that, we need comprehensive tax reform which lowers rates and closes loopholes if we are going to remain a leader in the global economy.

"These are key pillars of my "Action Plan' to create private sector jobs in the real economy. Visit my website at frelinghuysen.house.gov to review the entire proposal.

"14 million Americans are without jobs, many for over a year. Higher taxes, record spending, and bigger government has failed to create jobs or boost economic growth. Put simply, a lack of consumer confidence and business certainty is hampering the recovery. Washington has tied the hands of small business owners and job creators with onerous regulations and irresponsible fiscal policies.

"We need common-sense, pro-growth policies and we need to remove Washington as the roadblock to job creation.

"Washington can start by lowering the corporate tax rate and allowing some other nation to claim the title of "Highest Corporate Tax Rate in the Industrialized World' and repealing many of the punitive aspects of the new health care law passed two years ago!"


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