Below is a statement from CRFB submitted for the record to the House Ways & Means Committee for a hearing on: “How Tax Reform Will Grow Our Economy and Create Jobs Across America."
It has been more than 30 years since the United States last reformed the federal tax code, and the need for modernization is as great as ever. The current code is a drag on growth—discouraging work, savings, and investment while encouraging investment decisions based on tax planning rather than sound business practice. Our statutory corporate income tax rate is among the highest in the world, discouraging foreign investment and putting American businesses at a disadvantage relative to international competitors. The code also includes $1.6 trillion in annual tax breaks that lose revenue, undermine fairness, and distort economic decision-making.
