Excerpt from ATR:
Former President Bill Clinton today called for reducing the U.S. corporate income tax rate to a globally competitive rate. Clinton is wise to do to so because America has the highest tax rates for businesses in the developed world. Lowering business taxes to a globally competitive rate will allow our businesses to compete against foreign competitors and put a stop to corporate inversions and foreign acquisitions of American assets.
As reported by CNBC, Clinton called for the rate to be lowered to be closer to the average of the developed world:
“I was the president who urged it to be raised to 35 percent, but when I did it, it was precisely in the middle of OECD countries. It isn’t anymore.”
In contrast, Hillary Clinton has suggested there is no need to lower the corporate rate. Advisor Neera Tanden recently suggested that Hillary would oppose any effort to lower the corporate income tax rate because “the U.S. has been doing pretty well when it comes to competitiveness.”
“Bill Clinton has staked out the obvious commonsense position that we can’t compete with a 35 percent rate,” said Grover Norquist, president of Americans for Tax Reform. “Most Democrats want a rate cut as but only as part of a large net tax increase. Hillary not only wants a massive tax increase, she is opposed to a rate cut. She is wildly to the left on this issue.”
Read more at ATR.