we re going to loose in global competition. i was just meet with a father/son business in i was doing office hours in janesville today. i met with a father/son business in down in south-central wisconsin. i don t want to tell their names because i don t want to give them grief. down in jen wa cigenewa city, t electrical business. their biggest competitor is cana canada, a company in canada. they re a corporation, small business, 35%. you know what the canadian tax rate is? 15%. eight out of ten businesses in america file their taxes as people, as individuals. we call them subchapter s corporations, llcs. their top effective tax rate is 44.6%. canadians at 15%. the irish at 12.5%. china, 25%. the average tax rate on businesses if the industrialized world is 2 2 pblt t 5%. we re taxing american businesses 35% to almost 45%? that is a recipe for disaster.
down in south central wisconsin, i don t want to tell their names because i don t want to get them grief, but they had electricity business. they make electrical parts for snap on and other companies, their biggest competitor is a company in canada. their tax rate their a corporation, small business, 35%. the canadian texas rate is 15%. eight out of ten businesses in america file their taxes as people, individuals. we all them llcs, their stop tax rate the 46%. canadians are 15%. the irish 12.5%. china 25. the average tax rate of businesses in the strarlzed world the 22.5%. and we are taxing american businesses 35 to almost 45%. that is a recipe for disaster. if they re profitable in making money overseas they can t bring
chris: let me pursue this. the president is proposing the buffet rule, that if you make at least a million dollars a year, you should pay at least a 30%ro tax rate and he propose this is just as we find out that mitt romney was pay ago 15% tax rate. again, isn t that on just the simplest basis fair? if you oversimplify it, youou can probably make that case. let s look at the math. all these tax increases that the president isnd talking about, ty only a cover 8% of his proposed spending increases. the other 92% of the president s spending increases are borrowed money.es so even if it doesn t even add up. it doesn t even go to the deficit. more to the point, instead of raising taxes, which disproportionately hits small businesses. eight out of ten businesses in america file their taxes as individuals. so the president is saying, bring their top tax rate to 45% whicduh is the current schedules