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Rate Coalition co-chair Jim Pinkerton weighs in on how the corporate tax system is impacting our international competitiveness.
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The CEO of -- calling for change on overseas tax rates saying high taxes are deterring companies from hiring workers.
Even here at home.
An interview with the Financial Times Irene Rosenfeld said quiet for a multinational like ours the issue of tax reform is really important.
Right now we're taxed twice on and -- that we -- outside the United States that has an impact on how we think about our investment decisions.
Joining me now is Jim Pinkerton and -- co chair of the rate coalition.
If Fox News contributor and -- I'm sick of hearing about this wife anything being done about it or are on the flip side is this just.
Commentary about who she wants elected in November.
Well I don't know who pollution solutions -- voting for a but I know this that every.
Corporation.
In America has the option now of voting with its feet.
That is you can go somewhere else -- it wants to.
If you go to that KPMG.
Website of the big eight accounting firm.
You can see a list of the taxes.
That a corporation would pay in the United States relative to other countries and so for example.
The top the corporate tax rate and Ireland is twelve and a half percent the corporate tax rate China's 45 have been -- candidates 26.
The UK -- to this 26 as well Germany -- point nine and the US.
If you include state taxes that's forty.
Now so for the Irene Rosenfeld the Kraft Foods and so on have they have to think to themselves -- Where is the best -- -- for -- to operate from just invest money to create jobs and I think it reserves data show that the number of fortune five world fortune 500 company is as in the -- it has fallen.
By a a third in the last twelve years it's pretty bleak for Americans we don't change this system.
We've been staring at an unemployment rate of more than 8% or more since February of 2000 and not.
Why hasn't more been dying -- at least push some sort of tax reform just on the corporate side.
The route you would think it may get -- but it's not.
Eight EU wide and -- -- meanwhile -- cents B that.
Since 2009.
Several large corporation including the Eaton corporation and in Cleveland who's been every hundred years.
Left to go to Ireland I mean let's -- if there's a reason why.
I think the American people are so frustrated with the political system is that there's an obvious crisis here -- an obvious.
Problem of mobility of capital and the need to be competitive around.
World -- -- people would people connect on personal situation to corporate tax reform.
Is that really a vote getter.
Well it it it -- and Ohio it is right now that the people in Cleveland -- about to lose their jobs they've they've.
Figured it out and I think that's -- challenge and this is why the rate coalition exists is to help educate the American public that if the United States.
Has the highest corporate tax rate in the world.
On that obviously.
If it's an impediment to a creating jobs and growth than we're does not gonna get that unemployment rate down from eight point 3%.
To where it should be you know it at three or 45.
Without some pretty serious changes including a look at making the American tax code more competitive otherwise will be listening -- you know -- CEO craft.
Talking about will -- it -- motor company overseas and we don't want that -- great top team Jim Pinkerton thank -- -- and right coalition you bet founder.
