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Lots of pixels have been spilled on corporate inversions. As business leaders from three top American companies point out, these transactions should be a red alert to leaders in Washington that comprehensive tax reform is needed.
We're in great need of tax legislation as a country. The corporate tax rate is too high. There are too many loopholes. Congress is not getting off the dime and addressing it and they really should.
The current U.S. tax system puts U.S. companies at a disadvantage, Some of these companies acting on these inversions … are simply trying to level the playing field. If we got a concern about inversions we need to tackle our tax code.
There is no question that a comprehensive, full-blown tax reform in this country is absolutely needed and will absolutely will stimulate growth.
Instead of rhetoric and symbolic votes designed to rile up the political base, Washington should go after the problem it has avoided for too long: Our complex, uncompetitive tax code. Comprehensive reform will make American companies more globally competitive and also make America a better place to do business.