Yesterday we attempted to make some sense of President Obama's statement about ending "tax breaks to companies that are shipping jobs overseas." His was attempting to discuss corporate tax reform, although Mitt Romney had never heard of any such thing and wondered aloud if he needed to gleefully fire his accountant.
Romney has called for lowering the top corporate rate from 35 percent to 25 percent, which puts him in line with congressional Republicans. The White House, meanwhile, put out a paper this year calling for a top rate of 28 percent, with that even lower rate for manufacturers.That common ground drew praise from the RATE Coalition, a group that includes corporate titans like AT&T, Nike and Walt Disney that are pushing for a reform that would lower their rate and get rid of some tax breaks. “Last night was the clearest indication yet that America needs to reform its corporate tax code,” Jim Pinkerton, a former Reagan adviser and a co-chair of the RATE Coalition, said on Thursday. “Now is the time for action. “Both nominees clearly stated their support for a lower rate and broader base,” added RATE’s other co-chair, Elaine Kamarck, a onetime adviser to President Clinton. “With that in mind, policymakers should begin work on corporate tax reform that follows that philosophy.”