America’s tax code is broken. Compared to other developed nations, America has the highest corporate tax rate. As a result, the U.S. does not have a level playing field against foreign competitors.
Boeing CEO Dennis Muilenburg calls tax reform a “big enabler” for American manufacturing and says it will generate “millions of jobs.”
“I believe tax reform is the single most important thing we can do to generate job growth in the U.S.,” Muilenburg said.
Here are the top 5 reasons U.S. manufacturers need tax reform:
1. Tax reform will allow America companies to better compete in a global market.
American-based companies are battling foreign competitors across the world who enjoy lower corporate tax rates than we do here. It’s time to take the handcuffs off and grow America’s economy. A new tax system that promotes innovation and job creation is key.
2. Tax reform will create more jobs in America.
Boeing alone employs nearly 137,000 people in the U.S. and another 1.3 million through its supply chain. Lower corporate taxes will enable manufacturing companies like Boeing to invest in quality jobs that provide good salaries to American workers. Tax reform could create millions of jobs for workers of all education and skill levels.
3. Tax reform will encourage innovation in U.S. manufacturing.
By cutting corporate taxes, technology and manufacturing companies will be able to invest more resources into research and development (R&D). This R&D is what drives new products, inventions, and ultimately job growth.
4.Tax reform will help save the manufacturing industry in America.
More and more products are being manufactured overseas, and that means U.S. jobs are leaving with those products. Lower corporate taxes will encourage U.S. manufacturers of all sizes to make their products right here in America.
5. Tax reform will energize the economy.
Boeing CEO Dennis Muilenburg said it best: “[Tax reform] will unleash the economic horsepower of this country.”
A lower corporate tax rate will encourage companies to invest in the U.S., which will lead to a need for more American jobs. Job growth will raise the standard of living for all Americans, which will in turn grow the U.S. economy.