Eliminate Loopholes
Manufacturing is the primary area where the United States has lost five million jobs over the past twenty years. Manufacturing also creates more jobs than other businesses because it creates jobs with suppliers and service providers. These supply-chain industries support the manufacturing process as well as provide buildings and equipment necessary to manufacture products.
Most individuals now pay a much higher tax rate than the average corporation. If corporations are people and given constitutional rights, as the U.S. Supreme Court has ruled in the 2010 Citizens United case, why are they taxed at a lower rate? Most individuals pay a marginal tax rate of at least 28 percent. Corporations should pay the same rate. My only exception is for corporations that create manufacturing jobs in the United States. And only 12% of corporations are actually manufacturers, so the revenue lost by granting this special rate is relatively small. The benefit is large, and by taxing this companies at a lower rate we can bring back millions of jobs lost to China, Mexico and low-tax countries like Ireland.
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