Diana Furchtgott-Roth, Real Clear Markets Senate Finance Committee Chairman Max Baucus's tax reform speech on Monday to the Bipartisan Center,...
Diana Furchtgott-Roth, Real Clear Markets Senate Finance Committee Chairman Max Baucus's tax reform speech on Monday to the Bipartisan Center, a Washington think tank, indicted the American tax system. Too bad the Montana Democrat didn't propose specific remedies. Mr. Baucus aptly identified many of the problems that have accumulated in the federal tax code. For example, in response to globalization, he said, other countries have modernized their tax laws, but America has not. The last major revision of the Code occurred in 1986, and some of those reforms have been undone piecemeal by rate increases. In contrast to other industrial economies, competitors to the United States, Mr. Baucus said, "the U.S. has one of the highest statutory corporate tax rates in the world. We give countless tax breaks to business, but many don't attract or retain investment." Read More
