Overnight, the United States of America laid claim to a top spot itdidn't want -- "the highest jobs-killing corporate tax rate in theindistrialized world," 39.2 percent. Unfortunately, says a key member of the Business Roundtable, we'reNo. 1. It happened Sunday, when Japan cut its rate to 36.8 percent. Whatto do about it now, how to get back in the competitive mix to keepthe U.S. |
a leader in the worldwide economy -- that's a top priorityfor economists the country over -- but particularly for theBusiness Roundtable. The Roundtable has what it calls a "tax madness campaign" under way, for no other reason than to get America to focus on itsoverwhelming corporate tax disadvantage. Business Roundtable is a politically conservative group of chiefexecutive officers of major U.S. corporations.
It was formed in1972 to promote pro-business public policy and protect against agrowing hostility toward America's largest corporations -- aclimate prevalent particularly among labor unions at the time. Joel R. Carron, an assistant within BRT's management team, toldSunshine State News Friday that President Barack Obama's plan tocut the corporate tax rate to 28 percent "sounds good on thesurface, but it's going to create $350 billion in new, offsettingtaxes." Republicans, on the other hand, talk about a 25 percent cut, butthey are immersed in the election and aren't concentrating, Carronsaid. He said the Business Roundtable "wants a clean cut incorporate tax rates to 'goose' job growth and industrialreinvestment." Said Carron, "What you've got to love is how the United Kingdomgets it. They just cut their tax rate.
Now their Parliament isoverjoyed." On March 21, UK Chancellor of the Exchequer George Osborne announced an expedited reduction of the country's corporate tax rate to 24percent as of April 1. The rationale? To improve Britain's globalcompetitiveness, says the BRT. Here's what the chancellor said in his announcement: "[The] headline rate of corporation tax remains the most visiblesign of how competitive our country is. We ve already cut the ratefrom 28 percent to 26 percent. This April it is due to fall againto 25 percent.
I can announce today a further cut of 1 percent --to be implemented right away. "From next month, Britain will have a corporation tax rate of just24 percent. And we will continue with the two further cuts plannednext year and the year after. So that by 2014, Britain will have a22 percent rate of corporation tax.
The biggest sustained reductionin business tax rates for a generation. "A headline rate that is not just lower than our competitors, butdramatically lower. Eighteen percent lower than the U.S. Sixteenpercent lower than Japan.
Twelve percent below France and 8 percentbelow Germany. An advertisement for investment and jobs in Britain.And a rate that puts our country within sight of a 20 percent rateof business tax that would align basic rate income tax, the smallcompanies' rate and the corporation tax rate.".
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