Over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change.That was then. This year, instead, the White House is advocating a handful of minor fiddles that would raise corporate taxes on some while creating new loopholes for others. Read more>>>
So tonight, I’m asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years –- without adding to our deficit. It can be done.
Friday, February 3, 2012
What Happened to Corporate Tax Reform?
President Obama’s 2011 State of the Union Address contained ringing language on corporate tax reform: