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January 28. 2014

ACT Statement on President Obama’s State of the Union

Washington, D.C. – Today, Douglas Holtz-Eakin and Dr. Laura D. Tyson, economic advisors to the Alliance for Competitive Taxation (ACT), issued the following statement regarding President Obama’s comments on tax reform during his annual State of the Union address:

“President Obama’s State of the Union remarks on tax reform are a reminder that leaders in both political parties agree that our current tax code is broken. With the highest corporate tax rate in the developed world and an outdated worldwide system of taxation, the status quo is making it harder for American businesses to invest, compete, grow and create jobs.”

“ACT supports a simpler and fairer tax code that ends special tax breaks and preferences, sets the corporate tax rate at 25% and transitions to a modern, hybrid international system. Tax reform, done right, would inject billions of dollars into the U.S. economy, create hundreds of thousands of jobs the middle class can depend on, increase the competitiveness of U.S. companies in global markets and the competitiveness of the U.S. as a production location for global companies and create greater opportunities for American workers. We look forward to continuing to work with Congress and the Administration to help make these reforms a reality.”