In this week’s #TaxReformTuesday, Rep. Jim Renacci (R-OH) discusses how the United States’ high corporate tax rate leads to lower paychecks for hardworking Americans. He also makes the case for pro-growth tax reform that delivers a lower corporate tax rate and empowers businesses to hire more workers, increase paychecks, and help grow the U.S. economy.
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Here’s what Rep. Renacci said:
“Living in a small town in Ohio, I can tell you as a CPA and a businessman for 30 years, reforming the tax code is an issue that’s important to me since I arrived in Washington.
“A big concern for me is the disparity between the U.S. corporate income tax rate and the rest of the world. We need to lower rates to jumpstart our nation’s stagnant economy.
“Worldwide corporate income tax rates have fallen from 30% in 2003 to 22.5% in 2016. Meanwhile the U.S. has remained at 35%.
“It’s hard for U.S. companies to compete against companies based in Canada where the federal corporate income tax rate is 15%, or Ireland with 12.5%, and even the UK will be at 17% by 2020.
“Who bears the burden of the high corporate rate? Ultimately, the burden gets passed along to you in the form of lower wages and benefits to the work force, and higher prices to consumers.
“Over the past year, I’ve traveled around the 88 counties in Ohio, meeting with taxpayers and listening to their concerns. I know there are a lot of aspects of our tax code that need reform. And I want to make sure all Ohioans have a chance to weigh in on tax reform. If I haven’t heard from you regarding tax reform, I encourage you to reach out and let me know your thoughts on this Tax Reform Tuesday.”