American Business Competitiveness Act: Good Steps Toward Business Tax Reform
The U.S. has the highest corporate tax rate in the developed world. House Ways and Means Committee Member Representative Devin Nunes (R–CA) has introduced new legislation for business tax reform, called the American Business Competitiveness Act (H.R. 4377). The legislation would reduce business tax rates, move to a territorial system, allow full expensing for business investment, and eliminate many economically unjustified deductions. Two Heritage Foundation tax policy analysts explain how the legislation works—and how it could be changed to work even better.