The Council on Jobs and Competitiveness recently issued a report supporting comprehensive corporate tax reform. The reform would include a reduction in the rate corporations pay in federal taxes. Its principal recommendation was for the U.S. to move from a system with a high tax rate and a narrow base to one with a lower rate and a broader base. The report noted that after Japan lowers its corporate tax rate in April 2012, the U.S. will have the highest corporate tax rate amongst OECD countries.
Additionally, the report found that the corporate tax rate is the most harmful to economic growth because it discourages investment. According to the report, the workers have been the primary group enduring a rising share of the corporate tax burden in the form of reduced employment and lower wages.
To view a PDF of the complete report click here.