Home | News & Opinion | October jobs: Corporate tax reform needed to bring down the price of job creation

October jobs: Corporate tax reform needed to bring down the price of job creation

By
Font size: Decrease font Enlarge font
October jobs: Corporate tax reform needed to bring down the price of job creation

Tax reform needed immediately, group says.

While today's jobs report for October failed to make much of a dent in the unemployment rate, and continues to show low labor force participation, the CEOs of Job Creators Network argue it shouldn't be surprising after the weak GDP growth the nation posted for the third quarter of 2015. They are calling on policymakers to enact fundamental tax reform as one path out of the nation's economic wilderness.

"There's not much of an economic recovery going on with annual economic growth that's stuck well below 3%," said Scott Verner, president and CEO of Nipro Diagnostics, and a member of the Job Creators Network. "We need to produce more if we want more jobs, and that means GDP growing at well over 3%."

"A big part of our problem is that the price of doing business in America is too high."

According to a Reuters report last week, year-over-year GDP growth has failed to break above 2.5% since the end of the Great Recession in 2009. GDP increased at just a 1.5% annualized rate for the third quarter of this year.

"A big part of our problem is that the price of doing business in America is too high," continued Verner. "That's a problem Washington can fix and one they should be fixing."

One harmful effect is that the tax code distorts the decisions US companies make regarding where to allocate capital. A March report from Bloomberg Business revealed $2.1 trillion in profits earned by US companies abroad have not been brought back home.

1 2 »
Join PRESIDENT&CEO on LinkedIn

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image:

Captcha