Trump: ‘Foreign Companies Have More Than a 60% Tax Advantage’ Over US Companies

CNS News ^ | 08/30/2017 | Melanie Arter

[ForYourChildren]

During a rally in Springfield, Mo., President Donald Trump called on Congress to reform the U.S. tax code, including the business tax, saying it puts American companies at a disadvantage compared to countries like China, the United Kingdom, and Canada, which have lower corporate tax rates.

The United States is “dead last” when it comes to the business tax, the president said.

We have gone from a tax rate that is lower than our economic competitors, to one that is more than 60 percent higher. We have totally surrendered our competitive edge to other countries. We have totally surrendered. We're not surrendering anymore,” he said.

The United States has the highest corporate rate among the 35 advanced economies in the Organisation for Economic Co-Operation and Development, according to a White House fact sheet. China, the U.K., Germany, Canada, and Australia all have lower corporate tax rates than the U.S.

Trump called for reducing the business tax rate down to 15 percent, “which would make our tax rate lower than most countries, but still, by no means the lowest, unfortunately, in the world, but it would make us highly competitive.”

{..snip..}

[Parley Baer]

We need tax reform.

[amnestynone]

great give less taxes to the people who are trying to destroy our borders, to the MSM, ad to the corporate rino establishment. NO!If these people in the GOP establishment are going to constantly sell out then they should shell out. I won't even go into how much the Democrat elite should be paying in taxes.

[central_va]

More tariffs and less income taxes. win-win.

[Edward.Fish]

There's a lot of people invested in high rates and complex laws: lawyers, accountants, bureaucrats, even big-businesses (as it helps reduce the amount of resources a competitor can bring to bear). (And that's w/o mentioning corruption and shady-deals.)

[deep trout]

Bring it home to the everyday people.

[minnesota_bound]

I want the sale of stock tax to be 10% : )
Current 15% for stock held over a year and 28% for under a year.

[cableguymn]

A tariff is just a tax on us..

Less taxes across the board.

[okie 54]

The sound of congress in session remind one of slopping hogs. A lot of squealing and trampling each other to get the most for themselves

[okie 54]

The sound of congress in session remind one of slopping hogs. A lot of squealing and trampling each other to get the most for themselves

[central_va]

If you don’t, refuse or can’t understand the difference between a tariff and an income tax then you are clueless about economics and the founding of the country.

[cableguymn]

I understand them. But the end result of them is a higher cost to the American consumer.