Last week, U.S. President Barack Obama submitted a draft to Congress, recommending that the government reduce the tax deductions for corporate income tax while reducing the maximum tax rate from 35% to 28%. As the reform program largely abolished the tax rebate policy, the tax rate of the petrochemical industry is actually increasing substantially; and the profits earned by companies due to overseas business will pay more taxes. On the same day, the American Chemical Industry Council (ACC) responded by saying that such a reform plan may cause the United States petrochemical industry to suffer huge losses. ACC chairman and CEO Carl Dooley suggested that the government should abandon the reform plan of “headaches and treatmentâ€. She said: “We strongly support the president’s stated goal of hoping that the United States will lead the global manufacturing industry. But to achieve this goal, a fair and simple taxation system is needed to protect the company’s competitiveness abroad. Unfortunately, However, the proposal submitted today creates a new tax structure that will not allow tax relief to maintain domestic manufacturing development. According to the proposal, multinational companies may have to double their taxes on overseas profits, and the competitiveness of these companies will be weakened. At the same time, high taxes on oil and gas companies may curb US domestic energy production, which is detrimental to U.S. manufacturing growth and employment promotion.†She hopes that the government will make comprehensive considerations before making any decisions and let companies have sufficient Transition time. It is reported that the corporate income tax rate in the United States is 35%, which is the highest in the world. However, due to a large number of loopholes in the tax policy and many tax relief policies, many companies pay far less tax than this, or even pay nothing. According to statistics from the United States Institute of Taxation and Economic Policy on domestic 280 large-scale enterprises that paid taxes from 2008 to 2010, statistics on paid taxes show that the average tax rate for the chemical industry is 15.2%, and the average tax rate for the oil and gas and pipeline industries is 15.7%. An OECD survey shows that, based on unit GDP, corporate income tax expenses in the United States are only half that of other developed countries. In the past few years, companies can save tens of billions of dollars a year by relying on these tax reductions or exploiting policy loopholes. Therefore, Obama plans to increase overall fiscal revenue by eliminating many tax relief policies and improving the tax system. In addition, Obama also plans to end the tax incentives for business outsourcing companies and introduce new tax incentives to encourage companies to transfer employment opportunities to the United States. Industry analysts point out that the president’s plan is to increase taxes on oil and gas companies, while giving special offers to manufacturing companies. In response, Jack Gerard, chairman of the American Petroleum Institute, said: "This is an old policy that discriminates against the oil and gas industry. Let us completely reform the corporate taxation system, lower the tax rate, balance the interests of various industries, and do not choose winners and losers." Steel Structure,Fencing Panels,Bike Rack,Metal Screening Huiye Hardware & Electrical Equipment Company Ltd. , https://www.huiyehardware.com