Sen. Dick Durbin is talking a lot now about economic patriotism, mainly regarding Walgreen and other companies that have considered moving headquarters overseas to lower corporate taxes.
How about some congressional patriotism? Sen. Durbin has been in Washington forever, and I can't remember a time he has called for tax reform to help U.S. companies.
The U.S. has the highest corporate tax rate in the industrial world, and it is the only country that taxes profits made in other countries. The higher the taxes, the more lobbyist there are in Washington seeking loopholes. They give money to lawmakers' campaigns for these loopholes and carve outs. That is how some companies like GE pay little taxes. But most smaller corporations don't get this favored treatment.
England lowered its corporate tax and now is the fastest-growing economy in the world. Canada has lowered its rate to 20 percent, Ireland is 13 percent, while the U.S. it is 35 to 40 percent.
Our high corporate tax rates hurt the American worker the most, preventing companies from expanding here, and being competitive in the world.
Sen. Durbin, work to lower the tax rate and the economy will grow.