LIE: High taxes are hampering businesses in the US, preventing hiring, discouraging new businesses from forming.
TRUTH: Business taxes in the US are historically low. Business gets a much better break with taxation now than at many times in the preceding century. Just see the charts below. Taxes on business revenues today are low both as a percent of GDP and as a percent of government revenues, compared to the past 60 or 70 years.
Low taxes were supposed to encourage investment in plant and equipment, leading to higher economic growth and more employment. Did it work? I don't think that anyone would say that we are having a good period of employment and economic growth right now.
The government certainly isn't getting much of its funding from business taxes today. Of course, that's part of the problem. We are experiencing a budget crisis now in part because wealthy business interests have been getting a break. Business and the US can both afford a balanced budget.
The rest of us aren't getting a break. It's about time the special business interests paid their share of the burden of government. They get more than their share of the benefits of government.
