Manufacturers Support Eliminating Tax Breaks for Lower Tax Rate

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Some top executives at U.S. multinational corporations testifying before the House Ways and Means Committee say that they would generally prefer to have a significantly lower corporate tax rate than the targeted tax incentives that currently benefit their businesses. Calling the tax code “outdated,” committee Chairman Camp says the nation's tax policies leave U.S. manufacturers at a competitive disadvantage in the global marketplace. Camp unveiled a draft corporate tax reform proposal in October 2011 that would reduce the top corporate tax rate from 35 percent to 25 percent and move the U.S. tax system to a territorial-based system.