Written by Stacy Swimp
President Obama stood before America and gave his third State of the Union address. Whereas Dr. Martin L. King once proclaimed, “I have a Dream,” President Obama expressed that he has an “imagination.” While the President is “imagining,” America is having a nightmare, reeling from his anti-free-enterprise and anti-family policies.
Obama began his speech boasting, “For the first time in nine years, there are no more Americans fighting in Iraq.” He highlighted that, in the military, personnel don’t obsess over differences. Instead, he added, they “focus on the mission at hand. They work together. Imagine what we could do if we followed their example. Think about the America within our reach.”
The President said creating new American jobs “should begin with the tax code.” He stated that “companies get tax breaks for moving jobs and profits overseas. Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense and everyone knows it.”
He is correct in this assessment. The U.S. corporate tax rate on new investment ranks among the highest in the Organization for Economic Cooperation and Development (OECD) at 34.6 percent. The U.S. corporate tax rate exceeds that of France (34.0 percent), India (33.6 percent), Russia (31.9 percent) and Japan (29.5 percent). Argentina, Chad, Brazil, and Uzbekistan are the only countries with higher corporate tax rates than America.
President Obama’s solution appears to be more of the same — big government. He does not want to reform the U.S. Tax Code. Instead, he wants to dictate the free market and have government decide who wins and who loses, by offering tax breaks and incentives to “some” businesses, rather than making America “safe for business” for all corporations.
Our current U.S. corporate tax system is detrimental to economic growth. One study suggests: “The aim of corporate tax reforms should be to create a system that has a competitive rate and is neutral between different business activities. A sharp reduction to the federal corporate rate of 10 percentage points or more combined with tax base reforms would help generate higher growth and ultimately more jobs”.
In effect, government should not be involved with business creationism, except to provide a business friendly economic climate, devoid of governmental intrusion or favoritism.
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