[Congressional Record (Bound Edition), Volume 151 (2005), Part 4]
[House]
[Page 5091]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           CORPORATE TAX RATE

  (Mr. PRICE of Georgia asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. PRICE of Georgia. Mr. Speaker, more than 260,000 jobs were 
created last month making February the 21st straight month in which we 
have seen steady job gains. Companies are hiring more and more these 
days. More people are now collecting well-earned paychecks rather than 
unemployment checks. However, companies here in the U.S. are facing 
competition from around the globe, and to ensure economic prosperity 
over the long run we must be competitive in the world. To do this we 
have to address corporate tax rates.
  Why do we penalize American companies for keeping their business here 
in the U.S.? Why are companies leaving America to go overseas? Should 
we not be trying to attract businesses rather than drive them away?
  Mr. Speaker, the U.S. corporate tax rate is a whopping 40 percent. 
For every $10 a company earns, $4 has to be sent to the IRS. It is no 
wonder businesses are taking a look at moving out of the country. Our 
tax code is literally sucking jobs right out of the economy by 
depriving our businesses of the money that should be invested in 
hiring.
  Only one other country, Japan, taxes its companies more than we, only 
one other country. Mr. Speaker, clearly that is not the road we want to 
travel and it is not the way we want to create jobs.

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