Small businesses and corporations are the backbone of America. The private sector is what makes the economy thrive, which makes me wonder why the government taxes them at rates that set them up for failure. High tax rates in the past four years have caused small businesses to go under and have forced large corporations to relocate to other countries. To save jobs in the U.S., business tax rates need to be lowered immediately.

Foxnews.com states the corporate tax rate in America is 35%, listing the U.S. as the country with the highest corporate tax rates in the world. That’s 10% higher than the world average. Due to the substantial rates, corporations have relocated to other countries because it’s just too costly to stay. Relocating kills jobs and kills economic growth, yet there has been no action to prevent this. I believe corporate tax rates should be lowered to 25% because it will allow corporations to stay in the U.S., and to create domestic jobs, lowering the overall unemployment rate. An immediate plan needs to be put forth to prevent corporations from being driven away. We need to save jobs and save our economy.

According to businessweekly.com, there are 28 million small businesses in the U.S, accounting for 57% of the private sector. With the government raising small business taxes from 35% to a staggering 40%, foxnews.com reports an estimate of 710,000 jobs that will be destroyed. Raising tax rates on America’s largest group in the private sector will cause businesses to fail and cause a drastic rise in unemployment. I believe the small business tax rates need to be lowered to a flat rate of about 15%. This will allow businesses to grow instead of being pounded with high rates forcing them to go bankrupt, or close down. Successful businesses stimulate the economy because they can hire more employees, lowering unemployment.

Forcing American businesses to fail is not the solution to improving the economy. Without successful businesses, it makes the economy near impossible to grow. Lowering business tax rates will allow small businesses to grow and large corporations keep and create jobs here in the U.S. Ultimately, this will lower unemployment and stimulate our dismal economy putting the U.S. on track to an economic recovery. Now is time we need your help the most, Mr. President.