Lower taxes by eliminating tax breaks
What do former U.S. Federal Reserve Bank Chairman Alan Greenspan; economics professors from both Harvard University and Stanford University; and executives from FedEx, Oracle, and Caterpillar all have in common?
They all agree that the current U.S. tax system is hurting America’s ability to compete against other nations with lower corporate tax rates.
The above “dream team” recently got together to examine what would allow the overall top corporate tax rate to be cut from the current 35 percent to 27 percent with no loss in revenue to the government. The answer? It’s 1986 all over again- eliminate tax breaks and streamline the tax system. To see which tax breaks that the Treasury Department recommends, read the report:
Treasury Conference on
Business Taxation and
Global Competitiveness
When US corporations pay too much tax compared to the rest of the industrialized world, ultimately, it is the competitiveness of American workers that suffers.
So, what are we waiting for?