To create more jobs, lower corporate tax rate
Tax Day is quickly approaching, which means that the absurdity of America’s corporate tax rate is on full display.
At 35 percent, our corporate tax rate is the highest among developed countries. The Land of the Free has a higher corporate tax rate than socialist-run France. This is partially because corporations in this country are looked down upon when, in reality, it’s corporations that play a large role in the creation and flourishing of the middle class.
Corporations like CaptiveAire, a manufacturer of commercial kitchen ventilation equipment I founded in 1976 in Raleigh, make an easy target for misguided activists. We have experienced strong financial growth over the years, and it seems to some that we reap too much.
However, what many forget is that our profits are used to invest in new equipment and technologies, increasing value for users and creating new jobs. Recently, we opened our sixth U.S. manufacturing plant and created 50 jobs. We also expanded our service and sales departments, hiring 32 service techs and sales engineers, and we still have trouble keeping up with demand.
Yes, we are a high-growth company, and, yes, we collect the financial rewards, but more importantly we use these results to create American jobs, and many of them. Money earned by the private sector supports job expansion and real income growth for the middle class.
But truth be told, it’s not easy. America’s corporate tax code is tough on corporations – and the nation’s workers. America’s high corporate tax rate leads many companies to invest their money elsewhere. When that happens, job opportunities, real wages and economic growth in our country decline – disproportionately hurting the middle class.