How Do We Pay For Lower Corp Tax Rates?
Nov. 28 (Bloomberg) -- How can the United States afford to lower the corporate tax rate from 35 percent to 25 percent? It's no easy task, according to Hank Gutman, a former chief of staff for Congress' Joint Committee on Taxation who heads the Federal Tax Legislative and Regulatory Services group for accounting firm KPMG.
He tells Bloomberg BNA'S Allen Calhoun that Dave Camp (R-Mich.), who chairs House Ways and Means Committee, can't pay for the reduction just by adjusting domestic corporate tax rates. He'll have to, as the Obama Administration has proposed, change international corporate tax rates, Gutman says. The only sure thing is that, until Congress agrees to changes, planning uncertainty will be the rule for corporate taxpayers, he says.