Recently I asked a new politician who said he has a plan to create jobs in Bucks County if he had actually written out his jobs plan. He didn’t have one. It was only political talk.
I have a real plan to create American Jobs.
Here’s my plan. It will bring foreign companies to America.
This is so simple.
Repeal the 35% Corporate Tax Rate.
The present tax on $1 million is 35% which is $350 thousand. After they pay the 35% corporate tax they are left with $650 thousand.
Under my plan they will save $350 thousand. Their after tax profit will grow from $650 thousand to $1 million.
Their After Tax Profit will grow 54% -from $650 thousand to one million.
The additional $350 thousand is 54% of the $650 thousand.
What business would refuse such an offer?
Wait, you say, government will lose $350 thousand. How will government make up the $350 thousand loss?
That’s easy. The business that makes a million profit will sell about 20 times that. So government gets a $20 million dollar business from which it gains lots of taxes. The Federal, State and Local income tax on the workers alone will exceed the 35%. Plus, the business will become more profitable and will be able to increase it’s exports.
The Balance of Payments to other nations like China will shrink. The value of the Dollar will shoot up. More American jobs means government will not have to pay the unemployed because they will have good jobs. Government will gain much more than it loses by eliminating the Corporate Income tax.
It’s a deceptively simple solution and it will create American Jobs in America.