One: Lower America’s 35% corporate income tax rate to 20%, or even 15%, so we can compete with the OECD average of 23%. (The average state corporate income tax is above 4%). Lower the seven individual rates to 12%, 25% and 33%.
Two: Move from long depreciation schedules to immediate full expensing of business investment, dramatically reducing the cost of capital.
Three: Finally eliminate the envy-encrusted and job-killing death tax and AMT tax.
Four: Move from our “worldwide” tax system to a territorial system.
Five: Make these changes permanent, and avoid the Cinderella effect of temporary tax cuts.