United States corporate tax code is an opaque quagmire of gifts of special interest. It distorts investment decisions, feeds the dependence of the CEO's of debt and discourages companies to settle in the U.S. Oh, and its statutory rate of 35 percent is the highest in the world.
The need to lose this albatross is the rare agreement between President Barack Obama, his Republican opponent and large companies. All say that lowering the corporate tax rate, while gaps specific to the industry of the fence could give the US economy a jolt of adrenaline and make life easier for corporate treasurers.
So why tax experts doubt this change so early? A quarter of a century after the last revision of the code of taxes under President Ronald Reagan, would-be reformers face interlocking political and financial dilemmas to become more difficult at approach of 2012 presidential campaign. "There is an illusion of consensus." "Everyone of the reform of the tax notice is different," said Martin a. Sullivan, an editor of contribution to Tax Analysts, a non-profit in Falls Church, Virginia. "" I don't expect any real movement.""
Few companies is politically more difficult than the tax reform. Worse yet, economists say the concept of low-rate/more wide-base now be issued by the Administration and legislators probably have little immediate impact on major economic headaches of the country: the federal budget deficit $ 1.6 billion and the unemployment rate of 8.8%.
In December, the bipartisan group appointed by Obama, the National Commission on fiscal responsibility and reform, recommended with the proceeds of the rewriting of the tax code to reduce the annual deficit by 80 billion in 2015 and 180 billion in 2020. Bowing to political reality, the Administration says it wants a reorganization that would be "revenue neutral," meaning that it would not change the amount of money in the coffers of the Government - or help close the gap. Republicans made no promises but reject any talk more to government tax.
In any event, the immediate economic benefit of a new corporate tax code would be modest. "This is not where we should look in terms of effects on employment," said Nariman Behravesh, IHS Global Insight Chief Economist, who gain annual output of a consolidation within Exchange rate $ 100 billion. Mark Zandi, Chief Economist for Moody Analytics (MCO), says that a more competitive tax code would promote the growth of employment more than ten years or more. "It takes time for the effects to be felt," he said.
For all its brilliance of free market, the United States remained on the sidelines of a global trend to cut corporate tax rates. From 2000 to 2010, the average rate of corporate statutory members of the Organization for economic cooperation and development fell from 32.8% to 25.7%. Including taxes at the subnational level, rate of 39.5% of the Japan is the highest in the world. Before the earthquake, the Japanese Government has announced plans to cut of 4.5 percentage points off the coast of this rate in April, leaving federal tax and State of 39.2% combined U.S. take as the highest in the world. Still, the United States now gets only 9 percent of receipts from federal corporate income tax, down from 32 percent in 1952.
Unlike most other industrialized countries, including the corporate tax only on income earned in their home country, the U.S. corporate income taxes earned anywhere when it is repatriated. In a highly mobile capital world, the American approach encourages companies to invest abroad and discourages them from bringing home the profits of these operations. This explains why Corporate America sits on a 1 $1 trillion estimate - more cash in the accounts abroad. "The United States is an outlier on the rate of the company and the corporate tax system, said Alan j. Auerbach, a tax policy expert at the University of California, Berkeley." However, it is not so easy to see how to change the corporate tax of ways to see the people like. ?
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