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Policy Brief 13-9

Corporate Taxation and US MNCs: Ensuring a Competitive Economy

by Gary Clyde Hufbauer, Peterson Institute for International Economics
and Martin Vieiro, Peterson Institute for International Economics

April 2013


The debate about "tax reform," during the 2012 presidential race and congressional budget battles this year has centered on closing loopholes, creating new incentives for growth, and raising revenue through higher personal taxation of wealthy Americans. But the debate overlooks an important priority for future US economic growth: the urgent need to reform the corporate tax. US-based multinational corporations (MNCs) are hobbled by an outmoded tax structure as they compete in the age of globalization. Reform would make American MNCs stronger competitors in markets abroad and enable them to expand and invest more at home. Tax rates should be lowered, both on profits earned in the United States and profits earned abroad.

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RELATED LINKS

Policy Brief 11-16: US Tax Discrimination Against Large Corporations Should Be Discarded October 2011

Policy Brief 11-2: Corporate Tax Reform for a New Century April 2011

Policy Brief 10-10: Higher Taxes on Multinationals Would Hurt US Workers and Exports May 2010

Testimony: Tax Reform and the Tax Treatment of Debt and Equity July 13, 2011

Book: US Taxation of Foreign Income October 2007

Book: Reforming the US Corporate Tax September 2005

Op-ed: America Badly Needs a Value Added Tax April 21, 2005

Paper: Tax Policy in a Global Economy Revised February 2000