A welcome headline on page one of today’s Washington Post:
Bush May Try to Cut Corporate Tax Rates
President Cites Need To Compete Globally
Country after country, competitor after competitor, has been cutting corporate tax rates to improve the competitive climate and attract business and investment (or, as the case may be, to retain business). We’ve blogged about this tax-cutting trend in Northern Ireland, France, Turkey, Germany, and pretty much everywhere else, Asia included. It’s a competitive world, and all these other countries are making themselves much more attractive.
Following prepared remarks on the economy yesterday, President Bush answered reporters’ questions, where the topic of corporate tax reductions came up. He said:
Our tax structure makes us less competitive, and if we want to be a competitive nation, we’ve got to analyze a lot of things, including taxes, dependence on oil or good education policy. And so we will work through possible suggestions for Congress.
There’s a chance that we may be able to devise a simplification that will enable us to have a tax code that is more competitive.
The NAM respectfully offers this proposal as a starting point, Mr. President: Cut the federal corporate tax rate by at least 10 percent to begin restoring our competitive edge.
You can find that recommendation and many more in the NAM’s white paper on taxation policy, “A 21st Century Tax Policy to Promote Job Creation and Economic Growth.”
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