Speaking Out for Pennsylvania's Jobs

Statement

By:  Pat Toomey
Date: Nov. 2, 2012
Location: Unknown

I released a report in October detailing how President Obama's proposed tax policies will hurt America's manufacturing industry.

The report looks at 10 Pennsylvania manufacturers, finding that President Obama's plan to raise marginal income tax rates will put these and other manufacturers at a competitive disadvantage with their foreign counterparts, hindering economic growth and job creation. According to a 2012 Ernst & Young report, the president's onerous tax policies will cost Pennsylvania nearly 31,000 jobs.

American manufacturers already pay the highest business tax rate in the world at 35 percent. Under President Obama's tax plan, Pennsylvania companies will see their marginal tax rate jump from 35 percent to 41 percent.

The president's plan will only exacerbate the competitive disadvantage our manufacturers face, forcing them to compete with foreign companies paying rates as low as 15 percent in Canada, 22 percent in South Korea and 25 percent in China.