The United States has the highest corporate income tax rate in the developed world - 38.7 percent. The average for the 30 countries in the Organization for Economic Co-Operation and Development is 25.5 percent.
This uncompetitive policy blights lives.
The Great Recession dealt American households a body blow. Unemployment and underemployment still haunt way too many families.
The U.S. economy is stalled, growing more slowly than after any other recession since World War II. Corporations are sitting on piles of cash, hesitant to invest because they don't know what Washington is going to throw at them.
As the Heritage Foundation observed, "To attract business and investment in a fiercely competitive global marketplace, every industrialized country except the United States has lowered its corporate income tax over the past 20 years.
"The United States has bucked that trend and increased its rate, creating a less hospitable environment for corporations."
The United States should lower the corporate income tax rate to unleash growth. Republicans have wanted to do that for a long time, and many Democrats agree.
But the Obama administration has insisted on making a sensible, straightforward fix part of a complicated bargain that involves stimulus spending as a tradeoff.
The president has now offered to cut the top corporate income tax rate to 28 percent - but only if it raises additional revenue for his new jobs programs.
As Howard Gleckman wrote in Forbes magazine, the president "made a deal less likely, not more."
To the president and his allies, tax policy is about political ends. To increasing numbers of the American people, it's about economic growth.
The president should yield. Americans are fed up with political posturing. They want economic results.