US Business Tax Burden Close To Worst In World – Chuck Schumer Wants To Make It Worse

September 17, 2014 1:27 pmViews: 204

Taxaholic Senator Chuck Schumer


Ask anyone of the liberal persuasion, and it's common knowledge that the United States absolutely loves big business. Everyone knows this country bends over backwards to give monolithic corporations minimal regulations, passes on the rules that do exist when they're broken, and especially, titanic tax breaks. Corporations love the United States, because there they pay next to no taxes.

Except that that isn't true. According to the Tax Foundation, the United States ranks 32 in the Business Tax Climate Index, boasting a corporate tax rate of 39% - the highest in the industrialized world. The United States is also a rarity – a dubious honor in this case – in that it demands that multinational corporations operating within the US submit money earned overseas for domestic taxation. Overall, in terms of its tax-related treatment of big business, the United States is two spots from the bottom. Only France and Portugal, one of which is run by an out and proud socialist, are considered more abusive of corporations within their borders.

When the situation is, in reality this bad, it's easy to wonder just why Democrats in the Senate are trying to make it even worse. It turns out that soon, New York Senator Charles Schumer will attempt to raise – yes, raise – tax rates on businesses in the United States, while also striving to make this country's already byzantine tax code even more complex. It seems the aim is to punish corporations that seek to lessen the impact of onerous American taxation by shifting domicile to overseas stations. It is to worry in the first place that the United States is apparently so hostile an environment towards businesses that this has become a prevalent strategy, and of course that there are those in government trying to chase down those corporations utilizing it rather than eliminating their need to do so.

It should go without saying, but when the extent and complexity of taxation applied against businesses is a large and growing problem, the solution is not to make that tax code even more extensive and complex. It's time to do away with the oft-repeated and provably erroneous myth that the United States is some manner of haven for big, evil corporations, and come to grips with the fact that it is actually the opposite. It is businesses that drive the economy, and a nation that punishes them for no crime other than being businesses will only harm itself in the long run.

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