Well, I might have made that headline up, but, seriously, our president might well benefit from such a 12-step program. Consider that the nation of Japan, is, pay close attention Mr. President, CUTTING, as in lowering its corporate tax rates. They are doing so in order to help Japanese businesses, be more successful.
This week, President Obama held a summit in Washington, D.C., with top CEOs to discuss a variety of economic topics. Among them was U.S. competitiveness in the global economy, with Obama describing the issue upfront as an “overarching theme,” and with the message being sent that competitiveness impacts domestic job creation.
Obama’s comments were timely, because on Tuesday, it emerged that Japan, which currently maintains the highest corporate tax rate of any O.E.C.D. (i.e., developed) nation, will cut its corporate income tax by “5 percentage points in a bid to shore up its sluggish economy,” according to the New York Times.
Currently, Japan’s corporate tax rate is about 40 percent, slightly higher than but roughly the same rate as the U.S. rate.
However, Japanese leaders aim to cut the tax rate in order to make the country more competitive, internationally, provoke new investment and boost job creation. Japan is worried about its unemployment rate of 5.1 percent–a figure of envy to most in Europe and the U.S., where unemployment is running substantially higher.
Did you catch that Mr. President? Japan’s unemployment is half of ours, yet that nation is concerned and sees cutting taxes on businesses as a way to help grow its economy! Aren’t Liberals always saying America needs to be more like the rest of the world? Well, Mr. President? Are you paying attention?