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What Are the Implications And/or Consequences of Business Tax Reform in the United States?

Autor:   •  February 22, 2017  •  Essay  •  10,699 Words (43 Pages)  •  482 Views

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What are the implications and/or consequences of business tax reform in the United States?

ACCT 5420

Research Paper

Fall 2016

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Implications and/or consequences of business tax reform in United States

The business tax system has been a focus of many debates on tax reforms within the United

States economy. Many economists and policy makers debates that the U.S. business tax system

needs an exhaustive tax reform, although there is a considerable amount of disagreements over

why the corporate tax system needs to be reformed and what kind of specific measures should be

undertaken.

The current U.S. corporate income tax system taxes corporate income at a rate of 35%,

applied uniformly to income earned domestically and abroad, although taxes on certain income

earned abroad can be deferred indefinitely if that income is not carried back to US. (Keightley, M.

P., & Stupak, J. M. (2014) Alongside, the corporate tax system allows several deductions,

exemptions, deferrals,

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