hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
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 Posted: Thu Sep 22, 2011 4:11 am Post subject: Caterpillar CFO Says U.S. Must Lower Tax Rates to Compete |
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Congress must revamp the U.S. tax code by lowering corporate rates and adopting a territorial system of taxation for overseas profits, said Edward Rapp, group president and chief financial officer of Caterpillar Inc. (CAT)
Rapp spoke at a briefing for reporters on Capitol Hill today held by chief financial officers of some big corporations. He said a lower corporate rate is needed so U.S. companies can be competitive globally.
“We need to do a teardown of our corporate tax structure,” said Rapp. Caterpillar is based in Peoria, Illinois.
Rapp suggested that a 25 percent corporate rate, with 20 percent or 21 percent from federal taxes and the remainder from state taxes, would make the U.S. competitive with businesses based in other industrialized countries.
The corporate income tax currently tops out at 35 percent.
In rebuilding the corporate tax code, lawmakers should strive for a lower rate and adopt a territorial system for taxing overseas profits, Rapp said. They should also include incentives for developing intellectual property.
Lawmakers also need to consider questions about the structure of the economy, such as whether they want to foster manufacturing jobs, Rapp said.
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