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Replace the job-killing, Corporate Tax System with a border-adjusted, business consumption tax.*
Since 1974, manufacturing employment has fallen from 24% of total U.S. jobs to less than 9% in 2011.
Manufacturing Employment
'74 '75 '76 '77 '78 '79 '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11
Since the official start of the most recent recession Jobs in the manufacturing fell
further proportionally than any other sector of the economy except construction.
In April 2011, Manufacturing jobs remain nearly 15% below pre-recession levels, while total U.S. non-farm employment has regained 95% of levels on Dec. 2007.
Nov-08 Mar-08 May-08 Mar-09 May-09 Jul-08 Oct-08 Jul-09 Apr-08 Jun-08 Apr-09 Jun-09 Dec-07 Jan-08 Feb-08 Sep-08 Dec-08 Jan-09 Feb-09 Aug-08
Nov-09
Mar-10
May-10
Nov-10
Mar-11
Oct-09
Jul-10
Apr-10
Oct-10
Jun-10
Sep-09
Dec-09
Feb-10
Sep-10
Dec-10
Aug-09
Aug-10
Feb-11
Apr-11
Jan-10
Jan-11
16000
15000
14000
13000
12000
Essentially all (U.S.) job losses are high wage manufacturing, and most gains are in low-wage services. In essence the U.S. economy is restructuring downward, while the Chinese economy is restructuring upward. -Kurt Richebcher
11000
10000
Jan-10
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
May-01
May-02
May-03
May-04
May-05
May-06
May-07
May-08
May-09
May-10
Jan-11
May-11
Sep-03
Sep-01
Sep-02
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Sep-10
Chemical Products
0.0225
Computer and electronic products Motor vehicles, bodies and trailers, and parts Machinery
0.0175
0.0125
0.0075
United Kingdom
France Germany EU 15 Avg.
20%
19.6% 19% 20.77%
China
Canada Mexico India
17%
5 to 13% 16% 12.5%
Rates for India and Canada vary by region/province. Canada's current VAT rate is 5% (down from 7%) - harmonized tax rate includes province sales tax.
Germany (Mercedes)
Bring Jobs Home to America
$42,016
Foreign VAT
$50,000
25% 20%
23%
22%
20%
17% 15%
10%
5%
0% United States 58 Countries, excluding U.S. OECD-28, exc. U.S. Non-OECD Countries EU-18
Business Roundtable Study: Global Effective Tax Rates, April 14, 2011. PwC calculations based on data from S&Ps Global Vantage database.
A recent study by PricewaterhouseCooper found that [A]mong the companies on the Forbes Global 2000 list for 2010, U.S.-headquartered companies had an average financial statement effective tax rate of 27.7 percent over the 2006-2009 period, compared to an average rate of 19.5 percent for their foreignheadquartered counterparts.
Changing the way we tax U.S.-based businesses will benefit small businesses
Per Employee Cost of Tax Compliance
$8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,155.00 $2,000 $1,000 $1 to 5 employees 6 to 10 employees 11 to 15 employees 15 to 25 employees 26 to 50 employees More than 50 employees $1,348.50 $1,081.00 $7,274.00
$768.50 $296.50
A joint study by IBM and the Internal Revenue Service found that businesses with fewer employees have a significantly higher compliance cost for paying taxes under the current structure.
Source: Estimates of U.S. Federal Income Tax Compliance for Small Businesses
The corporate income tax encourages tax-driven decision making rather than business-based decisions
Business Tax Classification Trends
4,250,000 3,750,000 3,250,000 2,750,000
2,250,000
1,750,000 1,250,000 750,000 250,000 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
The chart to the right illustrates the number of businesses that have changed tax status to avoid double taxation on personal incomes and capital gains.
2002
2003 2004 2005 2006 2007
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
S Corporations
Partnerships
The tax is levied in full on imports entering the U.S. the same as in other countries we export to.
Bring Jobs Home to America