In tonight’s State of the Union Address, President Bush proposed the right prescription of short-term stimulus to calm American’s economic jitters in the near term and long-term confidence-building by challenging Congress to make his signature taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. cuts permanent.
But the President missed a golden opportunity to use his bully pulpit to jump-start the debate over the nation’s lagging business tax competitiveness in the global economy. With the second highest corporate tax rate among developed counties, the U.S. business tax system continues to fall behind as Washington stands still, thus threatening American jobs and undermining the attractiveness of the U.S. as a place to invest.
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