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Lee Tucker
Member Since: 5/23/2011
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Lee Tucker   My Press Releases

Heated presidential campaign

Published on 10/18/2012
For additional information  Click Here

In a heated presidential campaign, both candidates have decided to agree on one thing: the corporate tax rate needs to be reduced. The United States has the highest corporate tax rate in the world. As a matter of fact, it stands a full 14 percentage points above the average rate among major advanced economies. With the economy growing at less than 2 percent, it is time for the United States to pursue strategies that will incentive companies to relocate to the United States and bring with them millions of jobs. Never the less, the high tax rate isn't the only thing keeping companies abroad; it is also the taxation of foreign earnings. Fifty years ago, the United States had 17 of the top 20 global companies. Today, only five companies are in the top 20.This is primarily because the United States is one of the only G-8 countries to operate under a worldwide tax system. This means that the United States taxes foreign earnings under U.S. rates if a company seeks to bring those earnings home. Today, U.S. companies have about $1.8 trillion in foreign earnings outside the country. Rather than working under the worldwide tax system, “established in 1913”, the United States should look to what other G-8 countries are using: a territorial tax system. Such a tax system would tax any foreign earnings at the rate of that local market. If the United States were to focus on a territorial tax system, companies would bring trillions of dollars’ worth of wealth that could be used for capital investment and other expenditures, which would create jobs and economic growth. Critics argue that a territorial system would shift jobs overseas; however that logic is entirely faulty considering 85 percent of the world operates under a territorial tax system. Simply lowering the corporate tax rate is not enough. It has to be packaged with a new tax system to make companies want to bring their earnings back home. Territorial tax systems under which foreign earnings , taxed once in the foreign country, can be brought back for reinvestment in the domestic economy without incurring additional home country tax. Sign up for unlimited 4G Voice, Text, and Data for only $49/month* before October 31 and get your SIM card and first month of service FREE!
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