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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