Toomey: Global Tax Structure Unfair to U.S. Businesses

Pennsylvania U.S. Senator Pat Toomey says, there’s another vial reason to get healthcare reform passed.

Toomey sees it as a gateway to address other needed reforms, particularly in the area of business taxes.

“Most of the world taxes income, in the 20 to 25 percent range, our businesses are taxed at 35 percent and that means our workers are at a huge competitive disadvantage and our businesses are at a huge competitive disadvantage. We’ve got a global economy, people who are located somewhere else, other than the U.S., have a bug advantage over American firms, that makes no sense and it’s definitely impeding growth.”

Toomey, a recent quest on WNPV, says it’s also time to simplify and lower personal tax rates.