Dear Mr. or Madam President,
“Only in America can someone start with nothing and achieve the American dream. That’s the greatness of this country.” - Rafael Cruz. America has been known as the nation where anyone can build a business. If this is true, why make it harder for our citizens to achieve their dream? The U.S has one of the highest corporate income tax rates in the world. It is vital that taxes are reduced on businesses.
According to Procon.com, the uniform tax rate was one percent in 1909. Today, it has raised to 52.8%. Since taxes are so high in America, companies have moved overseas to other countries. A company called Aon moved its headquarters from Chicago to London in 2012. They said the move would “lower their tax rates five percent points, increase its profits by about 100 million annually, and allow them to expand by hiring more employees. This means that our companies thrive in other countries because of the lower tax rates. If there are no businesses in our country, then how will people find jobs? Companies create jobs for people locally which also helps the community. It was shown in 1987 to 1991 that when the income tax was lowered, the unemployment rate also decreased.
To fix this issue, I suggest a plan is made to decrease the corporate income tax and bring our businesses back into America. This will boost our economy and GDP because people will no longer be unemployed. Companies will steadily grow without a high income tax sapping all their money. To add, the money made by a businesses should be used to help the company grow and not for the personal wants of the owner. The government will not lose any money because the nation’s citizens now have jobs and can pay any fees. When the people of a country are successful, the country will also succeed.
I know some people might say that lowering the income tax will not affect the unemployment rate. Companies hire people because they need work and not because of the taxes right? Well, in truth, it is hard for a company to expand when these high taxes constantly suppress their growth. Employees are hired when a company grows. Work is not needed if a company stays the same.
As the next president of the U.S, I hope you address the issue of over taxing businesses. To better America’s economy and create jobs for our citizens, the tax rate needs to be lowered. If you work to grow companies and not suppress them, then America will again be the strong country where anyone can build a business and achieve their dream.
Thank you for your time,