The Hill News

America's corporate tax rate undermines our country's competitiveness, hurts consumers, jeopardizes jobs and weakens the confidence of shareholders and investors.

Recognizing this disadvantage, President Obama has singled out our corporate taxes - the highest in the developed world at around a blended 40 percent - as a bipartisan opportunity for us to stop encouraging the exportation of businesses and jobs and allow our companies to do what America has always done best - compete.

Next week, I'll introduce "The American Competitiveness Act," which follows up on calls from the President and members of both parties to cut the corporate tax rate. Under this legislation, the federal corporate tax rate will be lowered from 35 percent to 25 percent over two years-and kept at 25 percent permanently. Ideally, the phase-in period gives us time to simplify our tax code because government shouldn't pick winners and losers.

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