Refocus Corporate Taxes to Grow Jobs; American Business Faces Uncompetitive Tax Rates

The Washington Times (Washington, DC), April 18, 2011 | Go to article overview

Refocus Corporate Taxes to Grow Jobs; American Business Faces Uncompetitive Tax Rates


Byline: Rep. Tim Scott, SPECIAL TO THE WASHINGTON TIMES

Since I came to Washington 100 days ago, I've worked to reduce spending. Nothing is more important right now. If, however, we are to accomplish our cen-tral goal of creating jobs, it's time to reform our corpo- rate tax system, so that American companies can com- pete - both on our shores and abroad.

At a whopping 35 percent, the United States currently imposes the second highest corporate tax rate in the industrialized world. When you add in state taxes, businesses pay a staggering 40 percent in taxes.

The problem is magnified for companies doing business abroad, which, in addition to local taxes, must pay U.S. taxes when they bring the money home. For this reason, U.S. companies are sitting on a trillion dollars overseas.

These policies mean that U.S. companies are at a distinct disadvantage, whether they do business at home or abroad. With such punitive policies, how can we expect companies to locate to our shores? How can we expect to lower unemployment?

That's why, last month I introduced a bill - H.R. 937 - that lowers corporate tax rates to 23 percent - well below the industrialized average of 25.9 percent - and allow permanent repatriation of overseas profits; $1 trillion that can be used for investment and job creation.

My bill is just a start. The goal is to move toward a territorial system of taxation so that U.S. companies do not have perverse incentives to keep their money overseas. And because most businesses are arranged as pass-through entities, we must lower individual tax rates as well.

There will be those, including President Obama, who say that the United States cannot afford to lose the revenue gained from high corporate tax rates. In a speech last week, he talked about increasing taxes on high-income earners. …

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