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We Need a Competitive Tax Code for Growth & Jobs

If you haven’t seen the Cato Institute’s new 2012 Corporate Tax and Competitive Rankings, make sure to check it out

Reforming not just individual taxes, but corporate taxes is essential to get the economy growing again.

Key findings by Cato:

“We find that the U.S. effective tax rate on new corporate investment is 35.6 percent in 2012, which is almost twice the average rate for the 90 countries studied, and it is also the highest rate among the major industrial nations. These results underscore the need for U.S. policymakers to tackle corporate tax reform.”

And

“At the federal level, policymakers should focus on reducing the statutory rate by 10 percentage points or more and ending preferences to create a more neutral tax base. Such reforms would help spur economic growth and likely lose the government little, if any, revenue over the long run. At the state level, policymakers should make similar corporate income tax changes while reforming other taxes that can fall on capital investment such as retail sales taxes.”

The YG Network completely agrees. Recall our first issue summit focused on “Redefining Growth” and “Strategic Imperatives to Achieve Growth” featuring Revolution Chairman & CEO Steve Case.