China has surpassed the United States as the No. 1 economy in the world. For the first time since Ulysses S. Grant was president – in the 1870s – America is not the leading economic power on the planet. We can be number one again with simple fixes to our tax code that would rejuvenate the American economy.
[T]he tax laws… have caused so many businesses to flee overseas. The incoming Republican Congress should make bringing American businesses home a top priority. The U.S. competes with Japan for the dubious distinction of the highest corporate tax rate in the world and is one of only two countries — Eritrea is the other — that tax their citizens on their foreign income and not just where they live.
Bringing businesses back to America with a friendlier tax policy means more jobs at home, more products made in America — a phrase that was once a source of pride — more income for working Americans and, yes, more tax revenue for the government. It’s a win-win for Republicans, for Democrats and, most important, for the country.
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