Chapter Two: Social Security and Income Tax Reform (4)
Series Info | Table of Contents
If we lower the corporate tax rate to 28% and eliminate all loopholes (no investment tax credits, no oil depletion allowance, etc.,) we can institute a tax on manufacturers of zero (0%) percent. This would be based on the amount of U.S. content in the products manufactured.
Not all manufacturers are the same. This zero tax rate would only apply to products made with 100% U.S. content. For example, if a manufacturer assembles a product in the U.S. with 50% U.S. content, the manufacturer would pay an income tax of 50% of the 28% rate or 14%. Ho...
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