Hi everyone!
Today I want to talk about something near and dear to my heart . . .Taxes.
You might be laughing already, but I can assure you that this is a very serious subject.
For probably twenty or so years before Donald Trump was elected, I was deeply bothered by the continuing assault on our corporations with regard to taxes. In a greater sense, I was even more bothered by taxes on all Americans, period. But today I’m focused on corporate taxes. It really came to a head under the Obama administration for me.
Under the Obama administration, corporate taxes rose to 35% . . . the highest corporate tax rate IN THE WORLD. This from a country who fought a WAR over “taxation without representation”!! Some of you have read other blogs of mine talking about my family being here 100 years before the American Revolution, so I don’t have a dog in this type of fight–I AM the dog in this fight.
What the media has failed to inform you on (for purposes of their own, politically) is that Donald Trump as President reduced the corporate tax rate to 21% (not the lowest in the world, but much lower than it was before).
Why is this so important, and what does it have to do with how the United States was able to grow jobs at an unprecedented rate during the three years before Covid-19?
This isn’t hard to follow . . . OG’s Truth.
Because corporate taxes went down so dramatically, many of the companies that left this country because of taxes came back. Some companies that were never here before moved their businesses here, and some started new businesses. All of these businesses had to hire people in the U.S. instead of in foreign lands. These companies, who weren’t paying any corporate taxes before (because they weren’t here) were suddenly all paying 21%. Just as important, their new employees here in the U.S. were also working here and paying their fair share of income tax, even though those taxes were lower too.
Result: smokin’ hot economy and a lot more money going into the country’s coffers . . . until Covid-19 hit.
As an American, I have great confidence that we can beat Covid-19, and get back to that success story, if we choose wisely.
OG’s Truth.