Congress has begun the process of reviewing current corporate tax reforms. With the highest statutory tax rates in the world, the pressure is beginning to mount internally as other world economies are trending up while the US economy shows signs of lagging.
The
House Ways and Means Committee held a hearing Thursday to examine
corporate tax reform and the impact of offshore tax havens on base
erosion and profit shifting by multinationals.
House Ways and Means Chairman Dave Camp, R-Mich., noted that the U.S. "has the highest statutory tax rate in the industrial world of up to 35 percent," according to an article in Accounting Today.
Camp said that advisors have "offered a universal observation—having the highest corporate rate in the developed world along with an outdated international tax system is a barrier to success that leaves our country falling further behind our foreign competitors.”
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