We’re #1, we’re #1, we’re #1! In corporate tax rates, but still…

posted at 8:00 pm on March 31, 2012 by John Hawkins

If you believe Joe Biden, Barack Obama has had it even tougher than FDR. At first glance, that seems like an unfair comparison since FDR was fighting the Axis while Barack Obama seems to spend most of his time making war on American businesses. However, in Obama’s defense, like FDR he is at least gradually pounding his enemies into submission.

As of Sunday, April first, the United States will have the highest corporate tax rate in the world. This new record is not something that would make most Americans proud.

We take the title as Japan cuts its tax rate by five percent. America’s business tax rate now tops out at 35 percent. Add state taxes and American job creators face a median rate of 39.2 percent.

The United States was in the middle of the pack when we last changed our rates in 1993. Since 2000, however, 30 of the world’s leading developed countries — looking to boost their economies — have cut their rates.

Germany dropped its top rate by 22 points.

Canada cut its by 13 points.

Ours stayed the same.

Today the worldwide average is 25 percent.

Even Russia, at 20 percent, and China, at 25 percent, have lower rates than America does. The difference in tax rates means American companies are trying to compete with one hand tied behind their backs.

…High taxes also leave less money for businesses to expand, innovate and create jobs. The prospect of saving millions of dollars in taxes has caused some U.S. businesses to move overseas, taking their jobs with them.

In contrast, researchers at the Heritage Foundation have calculated that if Washington were to cut our corporate rate to 25 percent, the benefits to Americans would be dramatic. After-tax income for a typical family would rise by almost $2,500. The U.S. economy would create 581,000 jobs a year over the next decade.

It’s like the old slogan you’ve probably seen pinned to a cubicle at work somewhere, “The beatings will continue until morale improves.” Barack Obama has been cranking out the regulations, driving oil prices higher, demonizing successful people, cheering on the Occupy freeloaders, expanding government wildly, promising more tax increases in his second term, and spending so much money that people have genuinely started to fear an economic collapse caused by the government being unable to even pay the interest on its debt in the near future. Meanwhile, Obama seems to be puzzled as to why the economy is continuing to limp along and businesses aren’t hiring. The biggest problem this country has is sitting in the Oval Office a golf cart somewhere and voting him out of office in November would do more to help the economy and create jobs than any policy the government could implement.

John Hawkins is a professional writer who runs Right Wing News and Linkiest. He’s also the co-owner of the The Looking Spoon. You can hear more from John Hawkins on Facebook, Twitter, Pinterest, G+, You Tube, & at Pajamas Media.

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Comment pages: 1 2

Wolftech on March 31, 2012 at 11:10 PM

LOL! Now all we get is the stench of the gilled one. Rotting fish first thing in the morning just isn’t nice. : )

Bmore on April 1, 2012 at 12:05 AM

Trickle down economics got us into this mess.

Remember Reagan started the ball rolling with the deficits when he cut taxes he couldn’t pay for. Bush doubled down and now ere are in a mess, good thing is Obama is bringing us out of it.

liberal4life on March 31, 2012 at 8:18 PM

Okay, now you’re *clearly just trolling.*

ED! BAN THIS DILLHOLE, PLEASE!

RedNewEnglander on April 1, 2012 at 12:15 AM

ED! BAN THIS DILLHOLE, PLEASE!

RedNewEnglander on April 1, 2012 at 12:15 AM

Eds on vacation, I think. They won’t ban her. She is good for thread count and harmless.

Bmore on April 1, 2012 at 12:36 AM

Eds on vacation, I think. They won’t ban her. She is good for thread count and harmless.

Bmore on April 1, 2012 at 12:36 AM

Libs are never harmless. They are always useless, though.

trigon on April 1, 2012 at 12:47 AM

Libs are never harmless. They are always useless, though.

trigon on April 1, 2012 at 12:47 AM

Good point. I’m sill waiting on her to make her first. ; )

Bmore on April 1, 2012 at 1:01 AM

Not all idiots are liberals… but all liberals are idiots.

Liberal4Life and 0DS are simply further proof of my hypothesis. See, who says conservatives don’t like the scientific method :)

Wolftech on April 1, 2012 at 2:49 AM

liberal4life on March 31, 2012 at 8:18 PM

Hahahaha, that’s so stupid you HAVE to admit laughing to yourself as you wrote it. You certainly can’t be serious, otherwise you’d be to stupid to even figure out how to turn on a computer let alone send a message.

Wait…..did your cat write it for you?

Wolfmoon on April 1, 2012 at 3:15 AM

minnesoter on March 31, 2012 at 10:14 PM

Good grief…you DO know what site you are on, don’t you? I mean, repeating and posting something that everyone here has known for YEARS is a little redundant, and it certainly shows that you must have been in a cabin on one of those Minnosoter lakes, for the last 7 years…W

lovingmyUSA on April 1, 2012 at 4:49 AM

Bmore on March 31, 2012 at 8:50 PM
I never thought I would miss growfins and getalife… Heck, even DaveRywall was a better troll than the ones we have have now and I felt like driving to Canada to beat him with a tuna or something equally silly and smelly…

Wolftech on March 31, 2012 at 11:10 PM

Yeah, goes to show you “never know what you had till it’s gone…”

lovingmyUSA on April 1, 2012 at 4:50 AM

Liberals have their own religion, they don’t call it that, but that’s exactly what it is and they will believe in it to the death knowing that they are correct and the world is wrong.

mixplix on April 1, 2012 at 6:05 AM

and voting him out of office in November would do more to help the economy and create jobs than any policy the government could implement.

Can you imagine the “Ding, dong the witch is dead” party on election night when he loses? Oh man, it would be party time.

Liberals have their own religion, they don’t call it that, but that’s exactly what it is and they will believe in it to the death knowing that they are correct and the world is wrong. mixplix on April 1, 2012 at 6:05 AM

Liberalism is a religion and abortion is its holy sacrament.

Mojave Mark on April 1, 2012 at 7:31 AM

If they don’t like it they can move out.

Tax ‘em to death

liberal4life on March 31, 2012 at 8:05 PM

Parasite4life….what do you think they have been doing?
Liberalism is truely a disease.

Bevan on April 1, 2012 at 7:43 AM

…deficits when he cut taxes he couldn’t pay for.

liberal4life on March 31, 2012 at 8:18 PM

This is the most basic misconception libtards have, and it is the basic difference between Conservatives and libtards. Her thinking (if you can call it that) assumes that all the money belongs to the government. If they are going to bestow some of it back to us the people, then they must be fiscally responsible and figure out how to pay for it.

Deficits are caused by overspending. Only the retarded liberal mind could think that deficits are caused by saving.

NOMOBO on April 1, 2012 at 8:50 AM

She is I believe a foreigner, female.

Bmore on March 31, 2012 at 8:34 PM

And definitely a troll. I think she’s been reposting socialist propaganda in a couple of the headline threads, like the Steyn piece.

John Kennedy also reduced taxes to get the economy going and as I recall, it worked. We need to drop our tax rates to make it less expensive for business to perform their work HERE instead of driving them out.

Japan lowered their rate today and so have many other nations recently because they finally woke up to the fact they were strangling business and their economies.

dogsoldier on April 1, 2012 at 9:36 AM

Trickle down economics got us into this mess.

Remember Reagan started the ball rolling with the deficits when he cut taxes he couldn’t pay for. Bush doubled down and now ere are in a mess, good thing is Obama is bringing us out of it.

liberal4life on March 31, 2012 at 8:18 PM

Congratulations L4L, April 1st is your day.

And why exactly are Reagan’s tax cuts worse for the deficit than Obama’s jump in spending?

Actually, tax cuts encourage investment, work, innovation and risk taking thus increasing revenue and standard of living in the long run. The tax increases that your Messiah advocates, does the opposite and lowers revenue in the long run. (Don’t forget, even his latest ploy to lower Corporate rates to 25% actually increased business taxes by 250 billion over ten years by eliminating deductions.)

Try to remember that money spent from the government has an economic multiplier of less than 1 while business investment in the private sector has a multiplier of substantially greater than 1. Examples around the world show that running all the country’s money through Washington will be very inefficient and generate corruption as well as either stagnation or decline.

KW64 on April 1, 2012 at 9:43 AM

Trickle down economics got us into this mess.

Remember Reagan started the ball rolling with the deficits when he cut taxes he couldn’t pay for. Bush doubled down and now ere are in a mess, good thing is Obama is bringing us out of it.

liberal4life on March 31, 2012 at 8:18 PM

Typical libtard who can’t see facts right in front of them and just spew Dem disinformation.

Reagan’s tax rate cuts increased revenue – go look at any IRS or Treasury Dept report. The problem is the Dem controlled congress increased spending more. You must be too young and clueless to remember EVERY budget Reagan submitted to the Dem controlled congress was declared DOA.

dentarthurdent on April 2, 2012 at 1:07 PM

Comment pages: 1 2