Chairman Camp: Business Tax Reform for New Job Growth
June 1, 2011
Tomorrow morning Chairman Dave Camp will preside over a hearing of the House Ways and Means Committee with an eye towards jump-starting job growth with a reform of business taxes. The hearing will:
…inquire about the potential benefits to companies and workers of lowering marginal tax rates on business income, and the trade-offs that such companies might be willing to make given current fiscal constraints. The hearing also will examine major elements of business and corporate taxation in anticipation of future efforts to evaluate policy options that might encourage job creation in the United States.
This topic, of course, recalls our own recent work on corporate income taxes by Tax Foundation President Scott Hodge. Scott’s two new Special Reports – Ten Benefits of Cutting the U.S. Corporate Tax Rate and Ten Reasons the U.S. Should Move to a Territorial System of Taxing Foreign Earnings lay out the advantages to be gained from reforming the way businesses are taxed in the U.S., with increased job growth being just one of many.
Scott also has testified on similar tax topics in the last few months including on the question “Is the Distribution of Tax Burdens and Tax Benefits Equitable?” in May before the Senate Finance Committee and on the “Distribution and Efficiency of Spending in the Tax Code” before the Senate Budget Committee in March.