Detroit News: "Tax reform takes a backseat to posturing"
Today in the Detroit News, ITI President & CEO Dean Garfield has an op-ed focused on the corporate tax debate -- looking at the areas that President Obama and Governor Romney agree on tax reform and the bipartisan support that is growing for a competitive, market-based system. And he compared those cooperative discussions to the partisan show that claimed to be a Senate hearing last month, chaired by Michigan Senator Carl Levin.
Here's some of what Dean had to say:
The last major overhaul of the tax code was in 1986, when the new Ford Taurus was Motor Trend's Car of the Year. Back then, the tax system, like that year's Taurus, was state-of-the-art. Our corporate rate was among the world's lowest, attracting global investment to the U.S. economy.
But just as the Taurus has changed to keep pace with competition, every developed country since 1986 has lowered its corporate tax rate. Almost all have modernized their systems to keep pace in the global economy. The U.S. tax system, however, has stayed frozen. As a result, America now has the world's highest business tax rate, holding back American companies and workers.
Building on the principles put forward by Obama and Romney, bipartisan efforts are under way on a new approach. Congressman Dave Camp, R-Midland, and Montana Democratic Senator Max Baucus are working together on the best solution for the long-term strength of the U.S. economy.
That's leadership. The same can't be said for Detroit Sen. Carl Levin's approach.
Last month, he held a partisan political sideshow dressed as a congressional hearing — at a time when the country needs solutions. During the hearing, Sen. Levin engaged in the exact gamesmanship he sought to castigate.
Read the full piece on the News' site, and let us know what you think.