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Larry Kudlow on Corporations

 

 


Low tax rates around the world attract corporate cash

I believe slashing the corporate tax rate is the most important pro-growth measure that should be taken. I'd like to see the corporate tax completely abolished. But I'd settle for a 20% rate. (Incidentally, studies show that 70% of corporate tax relief goes to wage earners.) Additionally, investment cash expensing should be given 100% write-offs, all other credits & deductions should be eliminated, and corporate welfare and cronyism should be ended. And let me put a plug in for removing the Ex-Im Bank.

The problem is that not only have corporate profits not been invested in long-term capital projects, mainly as a result of tax and regulatory uncertainties, but firms are shifting cash overseas to avoid U.S. corporate tax penalties. You hate to see it, but low tax rates around the world attract cash, in this case almost $2 trillion in American corporate cash. Policymakers should encourage the repatriation of this money with a modest 5 percent penalty rate.

Source: National Review, "Recovery: 5 Years", by Lawrence Kudlow , Jul 15, 2014

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