As usual, the mainstream media, full of smug sneaky idiots, thinks it’s caught President Donald Trump in another lie, blasting him for “personalizing” the issue against so-called “facts.”
The mainstream media is so stupid, or else deliberately ignorant, that they miss the point of what Trump is actually saying. Yes, there many other countries with higher income taxes than the United States — the U.S. isn’t even in the top 10. But that’s not what Trump is talking about.
Many Americans who have only dealt with income taxes won’t realize that Trump isn’t talking about income taxes. Being a businessman, it’s safe to assume he’s talking about corporate taxes.
If the MSM considered this, then they would shut their mouths and realize that, yes, the United States has one of the highest corporate tax rates in the entire world.
Exactly how high? The Cato Institute says, “According to a report by KPMG, if the United Arab Emirates’ severance tax on oil companies was ignored, the U.S. average corporate tax rate would be the world’s highest.”
The top marginal corporate tax rate in America is 35%. The world average is 22.5%, with the European average being 19%. Trump has been pushing for tax reform with a corporate tax rate as low as 15%.
Of course, liberals aren’t going to care about that. Corporations would be taxed out of existence if they had their way. Income taxes might have a more apparent role on the average American, but corporate taxes are even more important for fixing the economy and putting more money in everyone’s pockets.
“Lower taxes means bigger paychecks, more jobs, and stronger growth,” said Trump. Corporate taxes mean just as much — if not, even more — than your personal income tax. They directly influence the health of the economy, whether your boss can afford to keep you on or lays you off.
Leading economic think tanks affirm Trump’s claims. According to the Cato Institute, “to increase the incentives of domestic firms to go into business and become competitive globally, the U.S. would have to drastically reduce its corporate tax rate.”
As the Mises Institute explains, corporate tax rates reduce the profits of business owners. In turn, they reduce the incentive for businesses to make investments and business risks. This results in less economic growth, bad for both business owners and people looking for work.
Despite the facts that Trump and most Americans know about, the lying media would have us believe that this crippling tax burden we’re feeling? It’s not true, it’s just in your head. Now give the government even more of your money!
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