Corporate Tax Reform: How to Improve American Competitiveness

Corporate Tax Reform: How to Improve American Competitiveness

Corporate Tax Reform: How to Improve American Competitiveness

Mercatus Masters Fellow Nick Tuszynski writes about reforming the U.S. corporate tax code at The Washington Times.

"With 2012 right around the corner, it is time to think of a New Year's resolution, and this goes for Congress as well. Instead of "kicking the can" down the road with failed attempts like 2011's supercommittee, Congress should make a real effort to start fixing the U.S. debt problem and take significant steps toward promoting economic growth in January.

If we learned anything in 2011, it doesn't matter if you are in the 1 percent or 99 percent; many Americans are disappointed by the weak economic recovery and would like to see a boost in economic and job growth. Presidential hopefuls surely will focus on these issues, but we don't have to wait for the next administration to start taking steps in the right direction.

Entitlement spending and income-tax rates might be polarizing issues, but there is something that already has bipartisan support: reducing and restructuring the corporate tax code.

The Occupy movement claims it wants corporate America to pay its fair share in taxes, but the U.S. already has the highest statutory corporate tax rate in the industrialized world at 35 percent. Not only do U.S. businesses pay the most, but corporations are not the same as individuals. Corporations are made up of employees, and they are not millionaires. So who bears the weight of a high corporate tax rate? It's not just corporations; it is the "99 percent" as well...."

To continue reading this oped, please visit The Washington Times

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