Former House Speaker Newt Gingrich today wrote an op-ed on FoxNews.com that calls on Congress to enact pro-growth tax reform, including a provision to end the “Made in America” export tax.
Read an excerpt from the op-ed below:
“I recently spoke with a group of about 30 major American investors, and they expressed tremendous support for a border adjustment tax. Under our current tax system, it makes more sense for companies to move manufacturing jobs out of the United States, produce products in lower-wage countries, and then export their goods back to the U.S., because we do not impose corporate tax on imports.
“Think about that. Our current tax system is essentially designed to drive production out of the United States. Companies who remain in the U.S. pay the highest business tax in the world and pay American workers American-level wages. Meanwhile, they are competing with companies who are paying foreign workers incredibly low wages – and paying no corporate taxes.
“With a border adjustment tax, we would tax imports – just like more than 160 other countries that have either a value-added tax on imports, a border adjustment tax, or both.
“Right now, the United States is in the extreme minority of countries without a border adjustment tax – along with North Korea and South Sudan.
“Reducing taxes on businesses and individuals, and reducing regulations, will cause more companies to invest in America again. The Tax Foundation reports that Speaker Ryan’s plan will create about 1.7 million jobs in America, and increase Gross Domestic Product by more than 9 percent.
“Tax reform will provide the boost in jobs and production President Trump and Republicans in Congress need to build legislative momentum and implement the president’s infrastructure plan. Republicans will then be able to move from a clear position of strength as they deliberately and methodically rebuild our health care system.”
CLICK HERE to read the full op-ed on FoxNews.com
CLICK HERE to learn more about the House Republican plan to end the “Made in America” tax.