-- Cutting the corporate tax rate to 25 percent or lower will create more than 2 million manufacturing jobs by the end of this decade.
-- Raise the R&D tax credit by 25 percent, which would sharply boost industrial reinvestment and innovation, increasing GDP by $206 billion and creating 270,000 new manufacturing jobs.
FedEx Chairman and CEO Fred Smith also thinks that the combined federal and state corporate tax rate should be cut to 25 percent or less. It is 50 percent higher than the average 26 percent of all other major industrialized countries in the OECD (Organisation for Economic Co-operation and Development) countries.
Smith would "accelerate depreciation of capital purchases more quickly. Every dollar in tax cuts for business depreciation adds about $9 in GDP growth."
Echoing his business colleagues in the global economy, Smith says we must "embrace open trade. The biggest economy in the world is the economy of world trade. After all, 27 percent of our American economy is based on international trade."
The National Association of Wholesalers and Distributors wants to kill the income tax hikes that Obama plans to raise at the end of this year.
"The automatic increases in tax rates on upper income earners, dividends and capital gains are already a huge disincentive to business activity," but the administration's proposals for additional tax increases will only further weaken the economy," the NAWD told me.
Among its two chief targets for repeal: taxes that will be imposed on employers under the health care mandates that will raise health care costs and kill jobs, and "regulatory overkill."
The National Federation of Independent Business, the nation's chief small-business lobby, wants to see estate tax and capital gains tax relief.
"Protecting small business owners from the return of the estate tax next year will provide immediate relief to many family-owned businesses," NFIB said. Small businesses also want to keep capital-gains rates low to promote new reinvestment in their enterprises and protect employers from getting hit by punishing tax increases on the sale of capital investments.
For the 3 million-member Chamber of Commerce, "Uncertainty is the enemy of growth, investment and job creation." Lowering the corporate tax rate would fuel job growth and "infuse our economy with fresh momentum." But curbing the government's rising budget deficits by boosting federal revenues is No. 2 on their wish list. One effective way to do that: "As much as $1.7 trillion in revenue could be generated over 10 years through numerous oil, gas and shale leases on our lands and off our shores."
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