McCaul Minute 3/30/12

Statement

Dear Friends,

Starting Sunday, the United States will hold the distinction of having the highest corporate tax rate in the world. Japan, which presently has the highest rate of 39.5%, is following the lead of many other developed nations and lowering its rate to become more competitive and encourage economic growth. This will leave the U.S. rate at the top of the list at 39.2%.

This distinction occurs as my Republican colleagues and I in the Congress continue our push for tax cuts and spending reforms so we can create more jobs and put Americans back to work. This week I voted for, and the House passed, a budget resolution for FY 2013 that lowers our corporate tax rate and consolidates the individual tax rates to just two brackets, reduces spending, and reforms entitlements.

In contrast, the Senate has not produced a budget in nearly three years, and the president's plan is to spend more money and raise taxes to pay for it. While this administration continues to punish our job creators, the rest of the world is passing us by. By exercising discipline in the ways that we spend and taking every opportunity to give job creators the freedom that they need to grow and be competitive globally, we can lower the unemployment rate, give families and businesses more control of their money, save future generations from bankruptcy and preserve vital programs as the safety net that they were meant to be.

Source