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Originally Posted by BBQMan
because of our anti-business corporate tax code. The US taxes corporate profits at 35%, the highest tax rate in the world and then taxes repatriated profits at 35% as well. No other country penalizes corporations for bringing profits back home by anywhere near this figure. Unless and until our tax code is revised to be less hostile to businesses here in the US, corporate executives have no choice but to put new business outside of the United States if they are to fulfill their legally binding fiduciary responsibilities.
We can do something about the tax code in order to make it as attractive to create new jobs in the United States as it is in other countries around the world or we can continue to demagogue the issue. The choice is clear - more jobs or more BS; change corporate tax rates to be competitive in the world market or continue to lose jobs.
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If I understood the "grand bargain" being considered by various parties on both sides before the watered down version finally got approved, a corporate tax rate reduction was to have been included. I believe it was to have been financed with a rework of the tax code, a flattening of the personal marginal rates, elimination of the loopholes and lobby-caused tax benefits, plus an increase on the personal taxes of the wealthiest 1-2% of Americans.
Now we're stuck with a deal where the Bush tax cuts can expire, which politically will almost certainly will be permitted, a piddly $915 billion in spending cuts to occur three years from now, and relaince on a super committee who no one believes will reach any consensus on what will be done.
Whoever was responsible for killing the grand bargain didn't do the country any favors.