{"id":20067,"date":"2014-01-31T16:49:39","date_gmt":"2014-01-31T21:49:39","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=20067"},"modified":"2014-02-04T15:15:40","modified_gmt":"2014-02-04T20:15:40","slug":"corporate-tax-reform-dont-waste-this-crucial-opportunity","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/20067\/corporate-tax-reform-dont-waste-this-crucial-opportunity\/","title":{"rendered":"Corporate Tax Reform:  Don&#8217;t Waste This Crucial Opportunity"},"content":{"rendered":"<p>In his otherwise lackluster <a href=\"http:\/\/cfif.org\/v\/index.php\/commentary\/54-state-of-affairs\/2083-the-state-of-the-union-and-the-state-of-the-presidency\" target=\"_blank\">State of the Union address<\/a> this week, President Obama stated to bipartisan applause that he\u2019d like to lower America&#8217;s corporate tax rate and reduce the Byzantine array of loopholes in our code.\u00a0 That policy is actually supported by leaders in both parties, including Speaker John Boehner, and the Republican and Democratic chairmen of the House and Senate tax-writing committees.<\/p>\n<p>And as we recently <a href=\"http:\/\/cfif.org\/v\/freedom_line_blog\/19975\/time-to-fix-the-corporate-tax-code-while-fleeting-bipartisan-consensus-exists\/\" target=\"_blank\">noted<\/a>, reform is necessary, given the complexity of America\u2019s nearly three-decade old tax code.\u00a0 The problem remains that Congress has been too timid to take the hard steps necessary to lower America\u2019s corporate tax rate to 25% from 35% &#8211; which is the highest rate amongst all OECD nations.\u00a0 Because of this anticompetitive rate, the United States is at a huge comparative disadvantage globally.<\/p>\n<p>And CEOs have taken notice.<\/p>\n<p>Several hundred corporations have unfortunately chosen to reincorporate abroad to dodge U.S. taxes in recent years.\u00a0 While the practice is technically legal, the opportunity costs for the United States are huge.\u00a0\u00a0 Some 484 U.S. companies were bought by foreign companies in the first half of 2013, for a total of $43.6 billion, according to Thomson Reuters.\u00a0 That provides a wake-up call that action on corporate tax reform is absolutely crucial.\u00a0 President Obama called for a \u2018year of action\u2019 in this week\u2019s address, and threatened to use his executive powers in a constitutionally dubious manner.<\/p>\n<p>For tax reform, Congress needs to act swiftly to ride this rare bipartisan wave and introduce legislation that supports a fundamental overhaul of America\u2019s tax code.\u00a0 American-owned businesses lead globally in innovation and economic growth, and our tax reform should support their success, not drive it overseas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his otherwise lackluster State of the Union address this week, President Obama stated to bipartisan applause that he\u2019d like to lower America&#8217;s corporate tax rate and reduce the Byzantine array of loopholes in our code.\u00a0 That policy is actually supported by leaders in both parties, including Speaker John Boehner, and the Republican and Democratic [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-20067","post","type-post","status-publish","format-standard","hentry","category-posts"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/20067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=20067"}],"version-history":[{"count":2,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/20067\/revisions"}],"predecessor-version":[{"id":20084,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/20067\/revisions\/20084"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=20067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=20067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=20067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}