(Political cartoonist Michael Ramirez has a new home @ The Daily Signal)
Yesterday GOP candidate Donald Trump revealed some of his plan to get the US economy and job and financial growth going for the middle class…
Basically Trump proposes tax cuts and less regulations on the business world inside the US in order to stimulate growth in prosperity, jobs and production.
As does The Daily Signal:
Countries around the world have made maintaining low corporate tax rates, as well as reducing rates, a priority in recent years. Meanwhile, the United States has stood on the sidelines.
As a result, the U.S. now has the highest corporate tax rate in the developed world, exceeding the Organization for Economic Cooperation and Development average by nearly 15 percentage points. By maintaining such a high corporate tax rate, the United States hinders its competitiveness in the global economy.
In 1993, the U.S. corporate tax rate was increased from 34 to 35 percent, where it has remained since. Corporations in the U.S. also are subject to state and local taxes, resulting in a combined average corporate tax rate of 39 percent.
In contrast, Estonia, for example, has decreased its corporate tax rate by 6 percentage points since 2005. Hong Kong has a simple and efficient tax system, and a top corporate tax rate of only 16.5 percent.
According to Curtis S. Dubay and David R. Burton, research fellow and senior fellow at The Heritage Foundation, respectively, the current business tax system is “slowing investment, which depresses economic growth, slows job creation, and suppresses wages.”