Recorded on January 26, 2011
It's time for common sense; I'm Ernest Istook.
In the State of the Union speech, President Obama said we need to simplify our tax code. He’s right- our complex income tax code assures full employment for accountants and tax lawyers and for lobbyists who want special loopholes. It is a nightmare to comply and a nightmare to administer. But Obama went further; he recognized that we have one of the highest corporate tax rates in the world. Actually, ours is now the highest. Obama said it’s time to lower the corporate tax rate- that’s right. But he conditioned it on what he calls closing loopholes but never told us the details- meaning he wants to raise somebody’s taxes in exchange but wont’ tell us who.
Is it right to blame businesses over seas who flight to escape our high taxes? Instead shouldn’t we blame the politicians who punish companies who create jobs in the U.S.?
For common sense, from The Heritage Foundation, I'm Ernest Istook.