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Camp Statement on the U.S. Corporate Tax Rate Becoming the Highest in the Industrialized World

March 30, 2012

Washington, DC – Today, Ways and Means Chairman Dave Camp (R-MI) issued the following statement in anticipation of the United States’ combined federal-state corporate tax rate becoming the highest in the industrialized world on April 1, 2012:

“While the April 1 date may suggest otherwise, this is no joke or laughing matter for American employers and workers.  As of Sunday, America will have the highest corporate tax rate in the industrialized world, making the United States a less attractive place to invest and create jobs.  Given the continued weakness in our economy, now is the time to enact comprehensive tax reform that lowers our tax rates for all businesses.

“Unfortunately, the President and Congressional Democrats are only making the situation worse by calling for higher taxes on America’s job creators.  Under the President’s plan, small businesses could face rates over 40 percent and worldwide American companies could be hit with a new global tax.  Higher tax rates are not tax reform, and it doesn’t help get the almost 13 million unemployed Americans back on the job.   

“House Republicans, on the other hand, have proposed to reduce Americans’ tax burden through comprehensive tax reform that makes the code simpler, fairer and flatter for families and job creators of every size.  Under the Republican plan, we create a climate for greater innovation, investment and job creation.  It is time for the President and Congressional Democrats to drop their calls for higher taxes and work with Republicans to reform the tax code.”