Personal Finance: Corporate tax reform is worthy but the process is flawed

If all goes according to plan, the Senate will vote soon on the much-anticipated tax bill. The core of this ambitious measure (fully 75 percent) is aimed at a long-overdue reform of the U.S. corporate tax regime. While our major trading partners have all modernized their systems and substantially reduced the statutory rate on business taxes, the U.S. holds the unfortunate distinction of imposing the highest corporate tax rate in the developed world.

So all else being equal, this effort to make us competitive with the rest of the world should be broadly hailed. Reducing the nominal rate from 35 to 20 percent closes the gap, while defenestrating numerous loopholes in the current code will help ensure that the tax burden falls equally upon all corporations.

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