Democratic Sen. Bill Nelson is set to speak tonight in Washington to the Florida Council of 100. They'll hear about corporate tax reform from the senator, according to his prepared remarks. Nelson, who sits on the Senate Budget Committee, will tell them that in many areas, "the tax code borders on incoherence."
"Our corporate tax is too high and too complex, and it stifles competition," his remarks say. "In fact, the United States has the highest statutory corporate income tax rate in the developed world. It's imperative to have a healthy, vibrant, private sector that creates new, well-paid jobs for American workers."
Rules related to corporate mergers and acquisitions "reflect a long line of cases, statutory amendments, and IRS rulings that are staggering in their complexity and unpredictability," Nelson will say.
"At best, these can be burdensome and inefficient. At worst, they can stifle economic growth. Although we have the highest corporate tax rate, we rank around 18th out of 25 among developed countries in corporate tax revenue as a percentage of gross domestic product."
"I believe that we can actually cut the corporate income tax rate and improve tax fairness at the same time. That's because, right now, some firms pay an effective rate well above 30 percent, whereas other corporations pay nothing at all."