Like columnists Jim Carter and Jason Filchner, manufacturers are buoyed that Presidential candidates—on both sides of the aisle—are talking about reforming our nation’s tax code. As Carter and Fichtner point out in their March 6th op ed in Investors’ Business Daily, our corporate tax rate needs to be lowered to a level more in line with our competitors’—for us, that’s 25 percent or lower.
We also need to move from our “worldwide” tax system to a more competitive territorial system like those used by our major trading partners. And we shouldn’t stop there. Our overall tax code needs to be simpler, more transparent, permanent, predictable and efficient.
While all of the candidates recognize the need for tax reform—and some have ideas very similar to Manufacturers—we need to ensure that tax reform is not just an issue for the campaign trail but an action item for the new Administration.