Tax Policy

News Release

New CFR Scorecard Shows U.S. Corporate Tax System Keeps Foreign Profits Abroad

Nearly three decades after the last major tax overhaul, both Democratic and Republican parties and President Barack Obama agree that cutting the corporate tax rate and taxing foreign profits differently would move the tax system in the right direction. The outdated corporate tax system does not raise as much revenue as the systems of most other rich countries, even as U.S. corporate profits have reached record highs, according to a new progress report and scorecard from the Council on Foreign Relations' Renewing America initiative.

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Other Report

The U.S. system for taxing corporate profits is outdated, ineffective at raising revenue, and creates perverse incentives for companies to shelter profits overseas. It is also, for most U.S. companies most of the time, a pretty good deal, which is one of the big reasons why any serious overhaul will be so difficult to achieve.

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Foreign Affairs Article
Transition 2012

Transition 2012

Are Taxes Too Damn High?

Authors: Grover Norquist and Andrea Louise Campbell

Andrea Campbell tips her hand partway through her essay "America the Undertaxed" (September/October 2012) when she writes that "the central debate in U.S. politics is whether to keep taxes, particularly federal taxes, at their current levels in the long term or emulate other advanced nations and raise them."

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