U.S. Tax System Is Holding Us Back
NAM and MAPI Foundation Release White Paper Showing Competitive Disadvantage
Washington, D.C., April 13, 2015 – A white paper released today by the National Association of Manufacturers (NAM) and the Manufacturers Alliance for Productivity and Innovation (MAPI) Foundation highlights that the U.S. corporate tax system is a drag on manufacturers’ global competitiveness.
The white paper looks at tax rates throughout the developed world. Findings include the following:
- The current global tax system in the United States puts manufacturing firms at a disadvantage inside and outside foreign countries.
- The already high corporate tax rate, coupled with double taxation of dividends and capital gains, reduces economic efficiency.
- Other countries are lowering their statutory corporate tax rates while the U.S. rate remains the highest among developed countries.
“To secure American Exceptionalism, our nation’s job creators and innovators need a tax system that encourages economic growth, investment and success,” said NAM President and CEO Jay Timmons. “This white paper confirms that the U.S. tax system holds back our economy and our workers. Now is the time for policymakers and leaders in Washington to listen to manufacturers and revamp our antiquated tax system, which is putting manufacturers at a competitive disadvantage.”
“In recent years, policymakers from both political parties have publicly recognized the importance of manufacturing,” said MAPI Foundation President and CEO Stephen Gold. “It’s time for our elected leaders to put words into action and advance a tax system that allows manufacturers in the United States to compete.”
The United States holds the unenviable position of having the highest statutory corporate tax rate among developed countries. Comprehensive tax reform is essential to unleash the economic power of manufacturing and make the United States the best place in the world to manufacture and attract foreign direct investment.
Read more and download the white paper here.
NAM - The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.09 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.
MAPI Foundation - Manufacturing executives, policymakers, the media and the association community rely on the MAPI Foundation’s unbiased research, forecasting and rich analyses to gain unbiased insight into the challenges and opportunities facing the manufacturing sector. Our highly respected economists regularly deliver keynote presentations at major industry events and member meetings, and for major media outlets, we serve as a trusted expert on the manufacturing economy. The foundation is the research affiliate of the Manufacturers Alliance for Productivity and Innovation (MAPI). Visit www.mapi.net/research.