Corporate Tax rate's affects on the Economy

The high corporate tax rate on America corporations is hindering economic growth and expansion. The U.S corporate tax rate is among the highest in the World. Technologies and global infrastructure facilitates a globalization that allows jobs and investment to easily cross national borders. The high tax placed on American corporation puts the U.S. at a disadvantage in attraction business and production. We are currently seeing most of industry and Job going to foreign competitors with lower tax on corporations such as India, Ireland, and China. This hurts our Nation’s GDP, at a time when the current GDP already has no chance of covering our large deficit caused by the mass spending of the current political regime. Lowering the Corporate tax rate could bring more business, offering more jobs reducing the unemployment rate. Lowering rates will increase savings and investment, which is essential for economic growth especially in the current economic climate. Corporate tax reform on lowering the current rate could benefit the economy and potentially lead an exist out of our financial crisis.
To create more discussion and avoid bias on the debate it is important to address the opposing stance on the Corporate tax rate. The statutory tax rate makes it seem higher than other foreign markets, but corporate tax breaks and other loopholes in America actually make it lower than most developed countries. Also economists fear that corporate tax cuts’ detrimental effects on the deficit outweigh the economic benefits. Also lowering the corporate rate would force other taxes to go up or cuts in current government spending to make up deficit cost. Examine both sides of the argument to determine the correct decisions to be made on the US corporate tax rate policy. All input and further debate on the topic is greatly appreciated.