“Geithner: Tax code shouldn't push investment outside US”

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Geithner: Tax code shouldn't push investment outside US Posted: 12 Jan 2011 08:20 PM PST Business  Updated: 5:20 am | January 12, 2011 Bloomberg News • January 12, 2011 WASHINGTON - U.S. Treasury Secretary Timothy F. Geithner said Wednesday that the tax code should not be pushing investment to other countries. Geithner, speaking at the Johns Hopkins University's School of Advanced International Studies, said: "We are going to take a look at whether we can find a political support for a reform of the corporate tax code that would lower rates by broadening the base but not lose revenue on net." He added: "What we want to do is to make sure that we're strengthening the relative incentives for investing in the United States versus shifting investment outside the United States. We don't the tax code creating incentives to shift investment outside the United States." Geithner is expected to meet with CFOs of major U.S. companies including Microsoft Corp. on Friday to hash out ideas for simplifying and trimming the corporate tax, which now tops out at 35 percent. Corporate tax reform is a good place to start a conversation about broader tax reform, administration officials have said. However, a divided Congress will make it difficult to pass any meaningful reform over the next two years. Some White House officials have said they agree with companies' main gripe that the corporate tax rate is too steep. They agree that the tax code is way too voluminous and cumbersome. Yet administration officials and others note that deductions and loopholes make it rare for companies to pay a 35 percent rate. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.

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