Cut the Federal Corporate Tax Rate
The combined U.S. statutory corporate tax rate is the highest in the developed world at 39.1 percent (35 percent federal rate plus an average of state and local rates).,
Improve Capital Allowances
U.S. businesses are generally not allowed to immediately deduct the cost of investments in buildings, machines, and other equipment. This is bad for investment. Instead, the tax code should be neutral, so that businesses are free to grow and invest.,
Move to a Territorial Tax System
The U.S. is one of only six developed countries that continue to tax on a worldwide basis as opposed to territorial. This puts U.S. businesses operating abroad at a distinct disadvantage.,
Reduce Shareholder Taxes
To make America more competitive, remove double taxation, and increase the incentives to save and invest, it is imperative that shareholder taxes, as well as taxes on interest, come down from current levels. Increasing these rates would have a damaging effect on the economy
Lower Tax Rates on Pass-Through Business Forms and other High-Income Filers
In the U.S., more than half of all business income is taxed under the individual income tax code, not the corporate code. These businesses face top marginal tax rates of above 50 percent in high-tax states.
Eliminate Estate Taxes
Estate taxes are an additional layer of tax on saving and investment after taxes on wage income, corporate income, and shareholder income. Full repeal of estate taxes at the federal and state level would boost saving and investment and add some clarity, certainty, and fairness to the tax code.
Eliminate the Alternative Minimum Tax
One of the best ways to simplify the code is to repeal the AMT and instead reduce the unjustified tax preferences in the regular code that allow so much variation in tax rates across filers.
Eliminate PEP and Pease
The Personal Exemption Phase-out (PEP) and the Pease limitation of itemized deductions introduce the extra economic harm of extremely complex rules that reduce transparency in the law and cause marginal tax rates to go up over a certain range of income and then come down again.
Cut the Federal Corporate Tax Rate
The combined U.S. statutory corporate tax rate is the highest in the developed world at 39.1 percent (35 percent federal rate plus an average of state and local rates).,
Improve Capital Allowances
U.S. businesses are generally not allowed to immediately deduct the cost of investments in buildings, machines, and other equipment. This is bad for investment. Instead, the tax code should be neutral, so that businesses are free to grow and invest.,
Move to a Territorial Tax System
The U.S. is one of only six developed countries that continue to tax on a worldwide basis as opposed to territorial. This puts U.S. businesses operating abroad at a distinct disadvantage.,
Reduce Shareholder Taxes
To make America more competitive, remove double taxation, and increase the incentives to save and invest, it is imperative that shareholder taxes, as well as taxes on interest, come down from current levels. Increasing these rates would have a damaging effect on the economy
Lower Tax Rates on Pass-Through Business Forms and other High-Income Filers
In the U.S., more than half of all business income is taxed under the individual income tax code, not the corporate code. These businesses face top marginal tax rates of above 50 percent in high-tax states.
Eliminate Estate Taxes
Estate taxes are an additional layer of tax on saving and investment after taxes on wage income, corporate income, and shareholder income. Full repeal of estate taxes at the federal and state level would boost saving and investment and add some clarity, certainty, and fairness to the tax code.
Eliminate the Alternative Minimum Tax
One of the best ways to simplify the code is to repeal the AMT and instead reduce the unjustified tax preferences in the regular code that allow so much variation in tax rates across filers.
Eliminate PEP and Pease
The Personal Exemption Phase-out (PEP) and the Pease limitation of itemized deductions introduce the extra economic harm of extremely complex rules that reduce transparency in the law and cause marginal tax rates to go up over a certain range of income and then come down again.
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