Tax reform can level the playing field in the energy market

Legislative, News, Percentage DepletionLeave a Comment

Margo Thorning | Washington Examiner

There has been a flurry of tax reform activity in Washington over the last month, capping off with House Speaker Paul Ryan’s speech during which he called for “transformational” tax reform that includes simplifying the tax code, lowering the corporate rate, and moving from a worldwide tax system to a territorial one. Such reform would boost the nation’s economic and job growth, both of which have been sorely lacking over the last few years.

There can be no doubt that the federal tax code needs reform. For starters, U.S.-based corporations pay some of the highest taxes in the developed world with a combined federal and state tax rate of 39 percent. That rate, which is even higher for some smaller businesses, is nearly double the average of other developed economies.

The U.S. tax code is also notoriously burdensome, depriving businesses of valuable time and resources. All of these burdens restrain the formation of capital needed to grow America’s economy.

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