President Donald Trump began his sales job for wide-ranging tax cuts Wednesday by arguing that the US needs to shrink its corporate tax rate if it wants to have any hope of competing with its economic rivals.
"When it comes to the business tax we are dead last, can you believe that?" Trump said during his remarks in Springfield, Missouri. "We have totally surrendered our competitive edge to other countries."
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But what he doesn't note is that, while on paper the US business tax rate is exceptionally high, in practice the US taxes its businesses at similar rates to its international peers. And so Trump's dire warnings about the need to lower the business tax code is really part of an effort to push through a gift to American corporations rather than make a serious bid to catch up to the rest of the world.
During his remarks, Trump referred to the U.S.'s 35 percent statutory corporate tax rate. He said that the rate, which is technically one of the highest in the world, suffocates American businesses and compels them to ship jobs overseas.