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Manhattan Institute

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Ideas for the New Administration: Tax Reform

issue brief

Ideas for the New Administration: Tax Reform

December 12, 2016
EconomicsTax

Abstract

The U.S. corporate tax rate, 35%, is the highest in the industrialized world, and the gap between American and foreign rates is widening, as foreign countries are lowering their rates. This high corporate tax discourages investment and economic growth.

Most nations employ a territorial system, which taxes only their corporations’ domestic earnings. The U.S., however, taxes its corporations on their worldwide earnings. This puts U.S. companies at a competitive disadvantage and introduces far-reaching economic distortions.

In order to increase international competitiveness and economic growth, the new Congress and the incoming administration need to:

Key Findings

  1. Lower the Corporate Tax Rate
  2. Move to a Territorial Tax System

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Return to MI's Transition 2017 page

______________________

Diana Furchtgott-Roth is a senior fellow and director of Economics21. She also serves on the transition team for President-elect Donald Trump. Follow her on Twitter here.

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