An op-ed in today’s Investor’s Business Daily titled “Reverse Business Flight, Reform Corporate Code” by Walter Galvin echoes NAM’s sentiments that lowering our corporate tax rate would allow the U.S. to be more competitive in the global marketplace and attract business. This in turn, would create much-needed jobs.
NAM members firmly believe that we need to reform our tax structure. The U.S. is the world’s largest manufacturing economy. In order to maintain that, we need to enact measures that will continue to drive us down a path of prosperity. Further delay on lowering our corporate tax rate will setback our economy, businesses and American workers.
As Galvin so aptly notes:
Over the past 25 years, OECD countries have slashed their average corporate tax rates nearly in half – from over 45 percent to about 25 percent. Other countries have followed their lead.
During a time when the U.S. is still on the rebound from an economic recession, we can and need to do more to help our economy. Lowering the corporate tax rate, now the highest among developed countries, is a good start.
Dorothy Coleman is Vice President of Tax and Domestic Economic Policy at the National Association of Manufacturers.