(ben brody – Bloomberg)
A group of U.S. business executives called for Congress to cut the corporate tax rate as low as possible and end the current global approach in which companies’ profits are taxed no matter where they’re earned.
“We see this as a big enabler,” said Dennis Muilenburg, chief executive officer of Boeing Co. “It will unleash our ability to grow jobs.”
Congressional Republicans and officials in President Donald Trump’s administration have said they’ll release at least some details of a framework for overhauling U.S. taxes next week. Chief among their to-do list is cutting the corporate tax rate, which at 35 percent is the highest in the developed world. Even so, many companies pay far lower effective tax rates because they use special exemptions, credits and other breaks that have been written into the tax code over the years. Click here to read more.