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Treasury's Lew presses business tax reform

[January 21, 2015]  WASHINGTON (Reuters) - Too many business decisions are skewed by the country's "dysfunctional" tax code, U.S. Treasury Secretary Jack Lew said on Wednesday in a renewed call for Democrats and Republicans to team up in a reform drive.

A day after President Obama called for an overhaul of the business tax system in his State of the Union address, Lew elaborated on the administration's plan - including a lower top corporate rate, ensuring more taxes are paid on foreign earnings, and closing a host of loopholes.

"The choice between debt accumulation or reduction, between investments in real estate or manufacturing should not be driven by tax planning; and when it is, it hurts economic growth and America’s working families," Lew said in comments at the Brookings Institution. "When our system rewards businesses for having the best lobbyist or most creative accountant, it shifts resources away from the core mission of growing the economy and creating jobs."

(Reporting By Howard Schneider, Editing by Franklin Paul)

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