Both Parties Ready for Corporate Tax Reform

Wednesday, 04 May 2011 12:29 PM

By Dan Weil

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The debate over corporate tax reform is about to begin in earnest. The White House plans to launch a proposal on the issue this month or next, Politico reports.

The good news is that this appears to be an issue ripe for bipartisan cooperation. Both parties agree that the top corporate tax rate of 35 percent, which is almost the highest in the world, should be cut. But they also agree that loopholes and exemptions should be dumped. Those benefits now allow some major companies to escape taxes all together.

Reform along these lines “would send a reassuring signal to the economy and is something both parties should support in theory,” a senior administration official told Politico. But he pointed out that some companies will fight specific points of a bill tooth and nail.

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