theadanews.com - Ada, Oklahoma

August 15, 2012

One step closer to tax reform

Tom Coburn, U. S. Senator
The Ada News

Ada —  

'One day after voting to prevent a massive tax hike from hitting small businesses and families, House Republicans also took action to reform the entire tax code.  It’s not just high tax rates that discourage businesses from growing.  The very structure of the tax system is so complex, inefficient, and unfair that the United States is becoming one of the worst places to do business in the developed world. 

 Businesses have certainly taken note.  Although 17 of the world’s 20 largest companies were based here in 1960, the number was down to just six by 2010.  Our misguided system essentially penalizes companies attempting to do business both here and overseas by taxing their earnings twice, and at exceptionally high rates.  We recently passed Japan to have the highest corporate tax rate in the developed world.  At 39.2 percent, our corporate tax rate is more than 50 percent higher than the average rate of member states of the Organization for Economic Cooperation and Development (OECD).  It’s no wonder employers take a look at our tax policies and decide to start or relocate their business elsewhere.

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