Obama to U.S. Companies:

Obama to U.S. Companies:
“Don’t Let the Door Hit You on the Way Out” Obama Supports Keeping U.S. Business Rate Second-Highest in World

WASHINGTON, DC— Sen. Barack Obama says he’s concerned about America’s competitiveness across the globe.  Someone ought to clue him in that U.S. businesses pay the second highest corporate income tax rate in the developed world:

The above chart doesn’t even capture the low-tax nations of the former Warsaw Pact: Poland, the Slovak Republic, Estonia, and others all have corporate income tax rates under 20 percent.  Countries such as Germany, France and the United Kingdom have been cutting their corporate income tax rates in the past decade because they know that businesses can set up shop these days in Prague just as easily as Paris.

The U.S. used to have one of the lowest corporate rates in the world—now we very nearly have the highest.  Companies can and will migrate to lower tax rate nations unless we take action now to make the U.S. a magnet for jobs and investment.

“John McCain understands that the U.S. needs to remain competitive.  He wants to cut the corporate rate to about 25 percent, putting us close to the European average,” said ATR President Grover Norquist.  “For his part, Obama has ruled out lowering the corporate tax rate, and has actually called for corporate tax hikes.”