“The United States faces a choice: to mark time as our competitive position worsens, to join this race to the bottom or to take forceful action that replaces our corporate tax system with one that aligns with the national interests,” write professors Alan Auerbach and Michael Devereux. “We need to adjust to new ideas like a destination-based cash-flow tax. In the short-run economic adjustments required would be a small price to pay for an enduring, fair and rational tax system.”
This choice is real.
We haven’t overhauled our antiquated tax code in more than three decades. As a result, we’re stuck in neutral as our foreign competitors modernize their tax systems.
Meanwhile, the U.S. tax code ranks among the least competitive among Organisation for Economic Co-operation and Development (OECD) nations. The nonpartisan Tax Foundation believes adopting the Republican tax blueprint would leapfrog our economy to the front of the pack.
So, we can either do nothing and watch more U.S. companies move operations—and good-paying jobs—overseas, or we can seize this once-in-a-generation opportunity to reinvigorate our economy by enacting pro-growth tax reform.
To learn more about our plan, visit speaker.gov and check out the links below.