On April 1st the United States will have the highest corporate tax among developed economies after Japan reduced its rate. Today The Daily Caller ran an op-ed from NAM President and CEO Jay Timmons on how our nation’s high corporate tax rate is hurting the competitiveness of manufacturers.
“As other nations take steps to improve their competitiveness and attract investment, the United States has stood still. As a result, we’ve placed ourselves at a significant disadvantage in the global economy.
Manufacturers in particular feel the brunt of our policies. It is 20 percent more expensive to manufacture in the United States than it is among our major trading partners — excluding the cost of labor — according to a recent study by the Manufacturing Institute and MAPI. Corporate taxes are the primary driver of this cost differential.
High corporate tax rates have a number of harmful effects on the economy. For one, they sap resources that businesses in the United States could use to expand and create new jobs. In addition, for manufacturers from around the world looking to expand into new markets, our number ranking is not a strong advertisement.”
To contact your member of Congress to tell them to take action today to lower the corporate tax rate click here.