We need two things: We need spending cuts and reforms, and economic growth. You raise taxes on the economy, you raise taxes on the American people, you don’t get the growth.
Here’s the other problem. We’re now in the 21st Century. We are in a global economic environment. In Wisconsin, we don’t just compete with people from Illinois and Iowa, we’re competing with people from India and China. And when we tax our businesses at the highest tax rate in the industrialized world, when we tax our producers, our small businesses, our economic producers, more than our foreign competitors tax theirs, we lose, they win. We don’t want that to happen.
That’s why we need economic growth through fundamental tax reform.
The Chairman’s comments on global tax competitiveness were right on, directly in line with National Association of Manufacturers policy and the “Strategy for Jobs and a Competitive America.”
As noted below, the budget plan proposes:
Promoting Economic Growth and Job Creation
Individual Tax Reform: Simplifies the broken tax code, lowering rates and clearing out the burdensome tangle of loopholes that distort economic activity; brings the top rate from 35 to 25 percent to promote growth and job creation.
Corporate Tax Reform: Improves incentives for job creators to work, invest, and innovate in the United States by lowering the corporate tax rate from 35 percent, which is the highest in the industrialized world, to a more competitive 25 percent.
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