Rep. Young Introduces Bill To Cut Taxes, Create Jobs
March 18, 2010 - Washington, D.C. - Alaskan Congressman Don Young introduced The Tax Cut Job Creation Act of 2010 (H.R. 4878) this morning. This bill seeks to amend the Internal Revenue Code of 1986 to reduce the rate of taxes on corporations that make certain education contributions. The Tax Cut Job Creation Act of 2010 will lower the corporate tax rate on earnings over $75,000 by 5%. However, in order for domestic businesses to enjoy this lower tax rate, they must donate at least 20% of the savings to an approved vocational institution such as secondary schools, community colleges, or vocational education courses.
"Hardworking business owners across this nation need all the help they can get," said Rep. Young. "With nationwide unemployment rates hovering around 10%, many jobless Americans need our help too. Currently, the United States enforces one of the world's highest corporate tax rates. Combine that with the average state corporate tax, and American companies are paying as much as 40% on earned income. In response, many American companies have shipped jobs and offices overseas where corporate tax rates are much lower, and with the way the economy is now, that's the last thing we need.
"Lowering the corporate tax rate would help make companies more profitable and provide meaningful incentives for businesses to fund critical job-training programs expanding the available workforce in Alaska. Allowing struggling American companies to keep more of their hard-earned income would permit many businesses to hire more out-of-work Alaskans, and that is what is most important right now."