Finance

Thanks, But Tax Cut Needs More Work

Feb. 23, 2012

In response to President Obama's proposal to lower the corporate tax rate, Stephen V. Gold, CEO of the Manufacturers Alliance for Productivity and Innovation (MAPI) had a few words.

"The President's proposal to lower the corporate tax rate is a welcome sign that he plans to take a leadership role in this important endeavor. American business currently experiences the highest statutory rate among all our major trading partners after Japan, which plans to lower its rate this spring.

"The President now recognizes that taxes play a significant role in the decision-making process that manufacturers undertake on where to locate their factories. Lowering the tax rate will make this country all the more appealing to domestic and foreign investments.

"But reducing the tax rate only gets you halfway to the goal line. The level of complexity and uncertainty in the U.S. tax code hinders competitiveness and reduces the opportunities for investment. Congress needs to take steps to simplify the code and remove the uncertainty including making the R&D tax credit permanent.

"There's bipartisan support in Washington for tax reform. While we recognize this is an election year, policymakers need to get to work now. The continuing frailty of the economy and the increasing competitiveness of manufacturers elsewhere around the world call for action today, not tomorrow."

About the Author

Adrienne Selko Blog | Senior Editor

Focus: Expansion Management & the Biotech & Life Sciences Industries

Email: [email protected]

Follow Adrienne on Twitter: @ASelkoIW

Call: 216-931-9235

Senior Editor Adrienne Selko manages IndustryWeek’s Expansion Management, delivering ideas and information about how successful manufacturers leverage location to gain competitive advantage. She explores the strategies behind why companies located their headquarters, research institutes, factories, warehouse and distribution centers and other facilities where they did, and how they benefit from the decision.

Adrienne is also the editorial coordinator of the IndustryWeek Expansion Management Roundtable events, which unites economic development professionals to network and discuss the latest trends in site location.

As well, Adrienne tells the stories of successful companies in the biotechnology and life sciences industries.

In the past, Adrienne has managed IndustryWeek’s award-winning website, overseeing eNewletters, webinars, and contributed content. Before joining the staff, Adrienne was managing editor of corporate publications at a large regional financial institution. She also ran a public relations and marketing company that published a best-selling healthcare book.

Adrienne received a bachelor’s of business administration from the University of Michigan and is especially interested in wellness and natural health.