I appeared on CNBC a couple of days ago to discuss a new report which claims that some big U.S. companies “only” paid 9 percent of their income to the government.
While I’m a bit skeptical of the numbers (did it include the taxes paid to foreign governments, for instance, which can be substantial for multinational firms?), I confess I didn’t read the report.
So I focused on the best way of getting rid of corrupt loopholes while simultaneously boosting the competitiveness of America companies.
In other words, I said we should rip up the wretched internal revenue code and implement a simple and fair flat tax.
As is my habit, allow me to emphasize a few points from the interview.
Sadly, I’m not holding my breath expecting improvements.
Even though tax reform should appeal to well-meaning liberals, Obama seems committed to the class-warfare approach . Romney, meanwhile, mostly wants to tinker with the current system (when he’s not saying worrisome things about a value-added tax).