US Chamber tax counsel: The rest of the world is moving around us

August 30, 2011

WJBC

Paul Morello

The Executive Director of Tax Policy for the United States Chamber of Commerce says the country is in danger of losing businesses to foreign powers if we don’t lower our corporate tax rate. Caroline Harris says the 35 percent rate is the second-highest in the world.

“The rest of the world is moving around us. 95 percent of the world’s population is overseas and other foreign countries are lowering their tax rates and they are making their economies more attractive not only to the domestic people who operate there but also attractive to foreign investment.”

Harris spoke at the McLean County Chamber of Commerce Economic Vision Luncheon this afternoon at the Marriott in Uptown Normal.

Republicans unveiled a set of jobs proposals today that she says is aimed at easing the tax burden on small businesses.

“This is a targeted tax program,” Harris said. “It’s not going to sidetrack any of the fundamental tax reform that they want to do, which we’re hopeful will lower tax rates for both small and big businesses.”

The Republican plan was in response to President Obama’s announcement that he’ll outline a new jobs plan next week. Harris also talked about the impact of the current tax rates and economic situation on small businesses.

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