|What will comprehensive tax reform look like?|
In 2011, the Joint Committee on Taxation estimated that it would cost $717 billion over ten years to lower the corporate rate to 28%. Much of the revenue to make this revenue neutral comes from timing changes, such as slower depreciation. I think there will need to be an increase in the capital gains rate and cut back on some generous individual tax preferences (such as the exclusion for employer-provided health coverage and the home mortgage deduction) to help lower both teh corporate and individual rates.
I've got a short article in the 10/31 AICPA Corporate Taxation Insider on this topic - here. I hope you'll take a look.
What do you think it will take to lower the corporate tax rate?