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>> We're creating thousands more jobs and if Congress acts on our historic tax cut, it will be even more so.>> A sweep in US tax cut may not create many more American jobs. I'm David Randall reporter at Reuters. I spoke with more than a hundred small companies about what they would do if taxes are cut to 20% from 35% as the White House is proposing.
Most of them said that they would invest in technology or expansion rather than adding to their head count. A strip club chain in Texas, for instance, said that they would go on a buying spree acquiring other competing clubs to make their chain larger. A regional bank said that they would invest in cyber security putting more of their money to technology and things in the back-end rather than hiring more people or opening up new locations.
Proofpoint which is one of the largest cyber security companies, says that if taxes are cut they'll keep more jobs here rather than move them overseas. As of now, the US taxes are higher than they would be in Europe. And as they expand in Europe, they wanna keep their levels as competitive with other companies as possible.
If taxes remain the same, as they are now, they're gonna move more of their back office jobs to Ireland or other places like that, because they have to move their intellectual property overseas as well. If taxes are cut in the US they can keep those jobs here as the company continues to grow.
Rather than hiring in Europe as they would right now. In corporate boardrooms, they're seeing this opportunity for a tax cut as a way to have a higher margin business, and just to be more profitable. They're not necessarily seeing this as a reason to hire more people.