Charles Krauthammer in NRO discusses America’s “absurdly uncompetitive” corporate tax rate, the highest in the world, and how companies are legally lowering their tax liabilities through tax inversions. Even Warren Buffett, President Obama’s favorite plutocrat, is on board.
As Mr. Krauthammer points out, a solution to the problem of corporations buying foreign companies in order to move their corporate headquarters outside of the U.S. is easily solved. Tax reform is politically doable and has unique bipartisan appeal. Eliminating loopholes curbs tax-driven economic decisions that grossly misallocate capital. Tax reform also levels the playing field, by eliminating the need for expensive lobbyists who create the loopholes.
Read here from C.K. how President Obama could address corporate tax reform with a revenue-neutral proposal to Congress and achieve historic bipartisan tax reform.