Tax Simplification? A Bill Languishes in the Senate
To encourage small business growth, those with gross annual receipts of up to $1 million would be able to permanently expense all equipment and inventory costs in a single year. To help American corporations compete internationally, the Wyden-Gregg bill would reduce the top corporate tax rate of over 35 percent and replace the existing six corporate rates and eight tax brackets with a single flat rate of 24 percent. Wyden-Gregg would reduce corporate tax rates approximately 30 percent — below the corporate tax rates of Canada, Germany, France, and many other U.S. trading partners — to help U.S. domestic and multinational corporations to better compete in a global economy.