The non-partisan, Congressional Budget Office just released a report that seriously contradicts the message conservatives have been trying to sell the voting public, that America needs to cut its corporate tax rate to be competitive.
The report noted American corporations are actually only paying an average of 12.1 percent, a rate much lower than many other industrialized nations and the lowest average tax rate since 1974.
Not only did American corporations report nearly $2 trillion in profits last quarter, but they are sitting on that same amount of cash. But as every Republican knows, we must blame Obama for our weak economic growth, despite these corporations having enough cash on hand to pay all 14 million unemployed Americans an annual salary of $45,000 for the next three years.
Now, never mind the economic revival such an influx of cash would do for our economy, just imagine the increase in tax revenues for our federal government to pay down the deficit.
Instead of only getting an average of 12.1 percent from American corporations or the paltry 13.9 percent Mitt Romney paid or the 17.4 percent Warren Buffet paid, they could be getting 25 percent to 30 percent in combined payroll and income taxes from these 14 million suddenly employed Americans.
Imagine, saving $100 billion in unemployment benefits, perhaps another $100 billion in Medicaid payments and don't forget all the extra tax revenues like sales, gas and excise taxes from all these newly employed "middle class" Americans.
But NO.... it's so much better when we can blame Obama, isn't it?
Rod Livdahl
Mesa
