Competitiveness: Rep. Cantor Weighs In....

If you ever wonder, "Who reads blogs?" we can tell you that the GOP's Chief Deputy Whip Eric Cantor (R-VA) is one of them. Cantor (a very web-savvy guy) posted a comment to our entry below on US competitiveness. We thought a comment from a Member of Congress -- one in the leadership, no less -- in our first week of operation  might be worthy of its own post:

Hey Pat - Thanks for the new blog; it seems to be off to a strong start. Great post, it raises some key issues; America leads, because America innovates. The American Dream is not a myth. I truly believe that the American people can compete and thrive in the global economy, as long as we don't defeat ourselves at home. Unfortunately, that is exactly what Washington is doing. Since 1995, at least 25 European nations (seven in the last year) have cut their corporate tax rates; meanwhile, Washington's current policies are taxing domestic business growth. America currently has the second-highest tax rate in the industrialized world; among the OECD nations, only Japan has higher taxes than us and they are cutting their rates. In response to this growing crisis of competitiveness, I introduced legislation to cut the corporate tax rate from 35% to 25%. This rate reduction will unleash America's powerful economic engine - creating good jobs for middle-class American families. Simply by removing Washington-imposed barriers to prosperity, we can improve the quality of life for every American family. It's a move that is long overdue. The last time we cut the corporate tax rate was 1986. After that, America claimed one of the lowest corporate tax rates in the industrial world. The resulting favorable playing field - accentuated by a huge American advantage in education, skills and training - afforded us a tremendous advantage; but that was then, and this is now. A global footrace for capital investment has led countries across the globe to slash their corporate tax rates well below 35 percent. Factoring in state income taxes, American businesses suffer under the weight of an average top corporate rate of 39 percent, according to Congressional Quarterly. It's no wonder the dollar continues to depreciate in value against emerging-economy currencies. America's ability to compete in the global economy will dictate our nation's prosperity and success. It is time to get Washington working for America again; we must remove the economic shackles binding American job-creators so that our economy can thrive.