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Renewing America

Ideas and initiatives for rebuilding American economic strength.

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Showing posts for "Corporate Regulation and Taxation"

Corporate Inversions: Small Fish in A Big Pond of Corporate Tax Problems

by Rebecca Strauss
Burger King customer Marignane airport France A customer reacts after collecting his food order on the opening day of the Burger King restaurant at the Marignane airport hall (Jean-Paul Pelissier/Courtesy Reuters).

Washington policymakers can be forgiven for focusing on the low-hanging fruit when it comes to corporate tax reform. When Congress hasn’t managed any kind of major reform since 1986, we should probably be happy with any tax reform progress, no matter how small. Read more »

Toward a Progressive Tax Policy

by Renewing America Staff
Occupy Wall Street protester Federal Hall New York Stock Exchange New York A lone Occupy Wall Street protester sits in front of Federal Hall, across the street from the New York Stock Exchange, in New York (Brendan McDermid/Courtesy Reuters).

The “global wealth tax” suggested by Thomas Piketty in his book Capital in the Twenty-First Century is a utopian-style suggestion to reconstruct the global tax structure. In a new column for Bloomberg View, CFR Adjunct Senior Fellow Peter Orszag suggests two more practical reforms that could make the U.S. tax system more progressive: establishing a progressive consumption tax and changing the U.S. estate tax into an inheritance tax.

Policy Innovation Memo: How to Stop the State Subsidy Wars

by Edward Alden
A Tesla Motors Inc Model X is seen at Tesla's introduction of its new battery swapping program in Hawthorne, California (Lucy Nicholson/Courtesy Reuters). A Tesla Motors Inc Model X is seen at Tesla's introduction of its new battery swapping program in Hawthorne, California (Lucy Nicholson/Courtesy Reuters).

The Renewing America Initiative is releasing today our new Policy Innovation Memo “Curtailing the Subsidy War Within the United States,” which I co-authored with Associate Director Rebecca Strauss. The problem is a vexing one. Governors and state governments quite rightly spend an enormous amount of time and energy trying to attract job-creating investments to their states. They think about how to get the right mix of tax policy, education, infrastructure and sensible regulation that will draw business to their states. They compete vigorously with other states, and other countries, to sell companies on the merits of locating in their state. All of this deserves applause. Read more »

Renewing America Progress Report: Corporate Tax Policy

by Edward Alden
The CFR Renewing America Corporate Tax Scorecard The CFR Renewing America Corporate Tax Scorecard

The Renewing America initiative is publishing today the latest in our Progress Report and Scorecard series, “Standard Deductions: U.S. Corporate Tax Policy.” This is one of those rare issues on which there is actually something of a broad consensus in Washington–corporate taxes, most Republicans and Democrats agree, should be low enough to attract investment, high enough to raise a reasonable share of federal revenues, and reasonably immune to tax avoidance strategies by companies. Read more »

Obama’s State of the Union: A Missed Opportunity for Progress

by Edward Alden
U.S. President Barack Obama delivers his State of the Union speech on Capitol Hill in Washington January 28, 2014 (Larry Downing/Courtesy Reuters). U.S. President Barack Obama delivers his State of the Union speech on Capitol Hill in Washington January 28, 2014 (Larry Downing/Courtesy Reuters).

President Obama has been nothing if not a model of consistency in his State of the Union speeches, focusing again and again on the critical need to lift up America’s struggling middle classes. There is no more important issue on the agenda today. But in any political leader, consistency and conviction need to be twinned with a sense of opportunity and timing. And last night’s State of the Union speech was a big missed opportunity in that regard. Read more »

Policy Initiative Spotlight: Questioning the Wisdom of Corporate Tax Incentives

by Steven J. Markovich
The shuttered General Motors Willow Run Powertrain plant in Ypsilanti, Michigan, June 2012 (Jeff Kowalsky /Courtesy Reuters). The shuttered General Motors Willow Run Powertrain plant in Ypsilanti, Michigan, June 2012 (Jeff Kowalsky /Courtesy Reuters).

Many states and cities offer a variety of tax incentives (credits, exemptions, deductions) to businesses with the aim of spurring growth and job creation, but few carefully analyze the costs and benefits. Some recent research has brought the wisdom of corporate tax breaks into question, and several states are considering reforms to assess the public value of their programs. Read more »

What Is Wrong With American Business?

by Edward Alden
A street sign for Wall Street hangs in front of the New York Stock Exchange (Lucas Jackson/Courtesy Reuters). A street sign for Wall Street hangs in front of the New York Stock Exchange (Lucas Jackson/Courtesy Reuters).

It was Vladimir Ilyich Lenin,  an astute student of the system he was determined to destroy, who is purported to have said: “The capitalists will sell us the rope by which we will hang them.” After reading the Washington Post story this week on corporate political donations to Republicans, it seems he may have been on to something. Read more »

The Renewing America Interview: Bill Bradley on Leadership and U.S. Tax Reform

by Jonathan Masters
(Courtesy Bill Bradley) (Courtesy Bill Bradley)

Months of relative calm on the U.S. fiscal front are set to end this month as Congress returns from summer recess, staring down the barrel of a possible government shutdown on October 1 (start of FY 2014), and another likely debt-limit fight shortly thereafter. Read more »

Getting to Yes on Transatlantic Trade

by Renewing America Staff

The United States and the European Union should create a new global regulatory blueprint through the just-launched Transatlantic Trade and Investment Partnership (TTIP) negotiations, CFR Senior Fellow for Global Health, Economics, and Development Thomas J. Bollyky and Columbia Law School’s Anu Bradford write in their new Foreign Affairs article, “Getting to Yes on Transatlantic Trade.” In an era of global supply chains, disparate and overlapping regulatory policies are the central hindrance to greater trade between the U.S. and the EU. If TTIP negotiators focus on sectors in which the two share similar trade and regulation goals, the agreement could serve as a necessary foundation for future transatlantic and global trade cooperation.