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Rate Coalition Co-Chair Elaine Kamarck on efforts to simplify and lower the U.S. corporate tax rate.
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Don't attack profit.
Profit by the way is what allows businesses to hire people -- grow free enterprise is under attack from the right in from the left.
We've got to stop and stand up for American freedom everywhere we see -- Mitt Romney is -- Theron and making his pitch to make America profitable all of my next guest says.
If we want to grow -- taxes have to go that is why she's leading a group.
Major American companies to -- in over all of the tax code period -- compact car.
Kmart tape archives ardently of the great coalition -- right now.
What do you wanna see you say overall.
It isn't even an issue where the front taxes to -- Iron he's too complicated is too complicated and it's too high.
You know on April the first the united when Japan is scheduled to lower its corporate tax rate the United States is could have the highest corporate tax rate in the world.
Our competitors in the OECD have a corporate tax rate of around 25%.
-- -- 35%.
That yeah you always hear the but very few pay it that way out and what have you -- you don't pay anything at all right and what -- here's what happens is that there's this massive set of repulse.
In the tax code so all the corporations say a competitor tax rate down so let's do this indeed this and did this to qualify for the locals.
They are distorting.
America's business decisions.
And that's why these 25 companies that make up the rate coalition -- big companies -- CBS.
-- big companies in America.
They've said well we are willing to put our loopholes on that people.
In order to get a lower tax rate so they do want our tax they absolutely -- -- -- they'd like -- -- that's in keeping with their competitors.
In the rest of the of the -- you don't want to terrorism former Clinton administration as a sort of a real -- period.
I was as did reinventing government and -- like a vote could look reinventing that's.
Thought -- -- and my argument artist in that every a lot of people tried this but the watch it's an argument for being against this.
He's it's they get nervous because it's gotta be revenue neutral we can't risk all of a sudden even short term losing a lot of money.
How do you address that.
Well 25 years ago a Republican president break and -- that democratic speaker of the house to mobile they get a tax deal.
And the tax deal was exactly this combination of things a lower rate a broader base and that's sort of think that's sort of the essence of all -- -- Eating away a lot of the tax breaks and only didn't get write offs for credit card into resolved and remember that I think a lot of horrible does remain -- Right off my these investor and -- the but.
We need to -- something like that.
We needed to something like that we need to deal and you know what senator Wyden had had a really good line a couple days ago he said.
You know nobody ever believes tax reform will happen until fifteen minutes before it happens.
And that's the way it -- -- that's what happens and that's why these big companies have banded together.
To and that's why.
But not everyone can pay less -- -- every once courted so they crunched the numbers right wouldn't count on its strategy numbers isn't it well that's.
Accommodate more I'm still gonna deal with the -- get -- -- go to the writers and allowances in the thousands of pages of gobbledygook I have to go through to justice by.
Except that I think a lot of companies first -- they don't like the distortion in their business decision making.
And secondly remember that there's a huge administrative cost to accessing all of those loopholes and all of those right opposite effect I -- sometimes that that.
Tax BP's that the companies that are in coalition are actually doing a really selfless -- -- to put themselves out of a job.
Because it there's huge tax departments that are doing just -- -- these big companies.
Another reason not to get -- -- them.
You're gonna realize -- and I'm not I'm not gonna and I -- -- -- now but they have that we said we want a lower rate and we're willing to you know put things on the table that might need to be on the table for the slower rate to write another distant it's way way way too much sense summit again I'm going to going -- -- seriously very good ideas excellent this beverage company and something by the way that actually could happen even in this polarized and well I think the two parties agree.
Yeah what a mass exodus -- see if they get together on -- thank you align your.
