The country desperately needs corporate tax reform because we have the highest corporate tax rate in the developed world. So its good news that President Obama again called for corporate tax reform like he has in the past.
The President has a detailed corporate tax reform plan of his own he released two years ago, although it leaves much to be desired. The most troubling part about President Obama’s plan he reiterated again in his speech tonight: It is a tax hike.
Our high corporate tax rate crushes our business’s ability to compete with their international competitors and drives new investment, and the jobs that investment creates, to other more competitive countries. That is why corporate tax reform should focus intently on reducing the tax rate for both large and small businesses.
But the President’s plan, because it is a tax hike, is more about raising more money for the government to spend than it is about improving the competitiveness of American businesses.
Congress should take up the President’s call for corporate tax reform, but drop the tax hike, lower the rate below the average of our international competitors, and modernize the way we tax our businesses that operate abroad.
If it succeeded in crafting a plan that did all those things it would be a major boon for beleaguered American workers that would see more jobs created and stronger wage growth.
– Curtis Dubay
Let the Market Promote Energy Efficiency
The President mentioned his ambitious fuel efficiency standards as a way to put Americans back to work, save energy and reduce carbon dioxide emissions, and announced he would set standards for trucks.
What the President doesn’t mention is that producers and consumers can determine what type of car Americans drive and we don’t need the federal government taking choices away from car buyers. Whether it is size, comfort, power, or fuel efficiency, Americans choose to buy cars for a wide variety of reasons. When it comes to efficiency regulations for trucks, the trucking industry takes fuel costs into consideration as closely as any other industry in our economy. They plan their routes to the tenth of a mile to ensure they’re minimizing costs. The trucking industry, along with the rest of American families, can maximize efficiency without help from Washington. What the Obama administration needs to understand is that Americans take other considerations into account when making decisions.
– Nicolas Loris
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