What do Sen. Chuck Schumer, D-N.Y., President Barack Obama and all the Republican presidential candidates have in common? They all want to fundamentally reform the corporate income tax. President Obama proposed cutting the corporate tax rate from 35 percent to 28 percent. Sen. Schumer wants a major reduction to taxation of corporate income abroad. Sen. Ted Cruz, R-Texas, says he would abolish the tax altogether as president—replacing it with a 16 percent business flat tax—and Donald Trump would reduce the corporate tax rate to 15 percent.
Unfortunately, nothing is happening, writes Veronique de Rugy.
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