Moore: Cut taxes on Made-in-America products

As the late senator from Washington state Warren Magnuson who served for more than years in Congress once disclosed All that each industry seeks is a fair advantage over its rivals Wilt Chamberlain had a fair advantage on the basketball court because he stood -foot- It allowed him to outcome points in a single encounter The Trump tax bill now moving through Congress should establish a fair advantage for U S companies Tariffs are of program Donald Trump s retaliatory stick to stop foreign countries from discriminating against goods and services made in America Everything from our dairy to our wheat our pharmaceuticals and our digital tech products is punished by the taxes and tariffs charged in Europe and Asia especially China But Trump also wants an additional carrot approach to increase domestic production Trump wants Congress to pass a corporate tax rate down from the current That s a real sweetener The U S would slide down the tax scale from once having one of the highest corporate tax burdens as of late as to having close to the lowest in the world starting next year This would suck capital assets back to America in a nanosecond and financially seduce companies to reshore factories labs and headquarters back here with bargain-low tax rates When Ireland cut its tax rate to the lowest among industrialized nations at it became the fastest-growing nation in Europe and its tax receipts soared The corporate tax rate can be easily paid for with the higher tariff revenues collected from the tariff rate that now applies to all nations and the higher duties on nations that won t negotiate The Trump grand vision is to create a level taxation playing field by imposing higher tax rates on products made in places like Beijing and then lower taxes on things made in Baltimore Since other nations impose value-added import taxes and tariffs of up to on products with the Made in America label the corporate tax here at home makes perfect sense as a counterpunch This isn t protectionism but purely a shrewd and legal per the General Agreement on Tariffs and Commerce strategic move to put American companies and workers first Just now Trump has been telling Congress if they won t lower the corporate tax rate to for all American companies then offer this lower rate on business profits of companies whose products are predominantly made and manufactured in the USA This could easily be paid for with Trump s new across-the-board tariff The Trump corporate tax rate would give American companies and workers a major leg up in international markets Stephen Moore is a visiting fellow at the Heritage Foundation He is also an economic advisor to the Trump campaign Editorial cartoon by Chip Bok Creators Syndicate