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1986 Tax Code Irks GOP As CEOs Shun U.S.

In 1986 – Tom Cruise cemented his Hollywood star status in the blockbuster film Top Gun and on the small screen Americans were obsessed with television dramas Dynasty and Magnum P.I. It’s also the last time the U.S. unveiled major tax reform, Fox Business reports.

“We are now 29 years away from the last tax reform, you need to reform the taxes every generation,” lamented Skybridge Capital Founder Anthony Scaramucci during a Monday appearance on FOX Business Network’s Mornings with Maria.  Since then lobbyists and members of Congress have ballooned tax policy to around 760,000 pages said Scaramucci, adding, “that is a disaster.” (Fox Business)

House Speaker Paul Ryan says corporate tax reform is an achievable goal for Congress in 2016. In an extensive interview with Bloomberg Television on Tuesday, Ryan said a sliver of tax reform is still possible by next year, even as the presidential election season heats up. “I would love to see that done in 2016,” Ryan, the former Chairman of the House Ways and Means Committee, told Bloomberg’s Mark Halperin. “I was working on that while I was chair, I still think that that’s something that’s in the cards, particularly given the big trend of inversions that we see happening and corporate takeovers.” (Washington Examiner)

Ryan, R-Wis., said “it would be a good idea” if corporate tax reform could happen earlier than broader tax reform, which Republicans believe is possible only if they win the White House in 2016 and maintain control of both the House and Senate.

Republicans all agree we need tax reform, but Senator Ted Cruz’s plan holds the most promise, The Daily Caller, a politically conservative publication, said. “You can’t get away from these tired ideas from the left. The New York Times recently claimed that the United States must raise federal tax rates to prevent climate change. But when it comes to U.S. tax policy, we need political climate change,” the author wrote.

“Big government has created a big business called politics,” Carly Fiorina declared during Tuesday night’s Republican primary debate. She recommended five steps to reduce the size of government and “really get this economy going again”: zero-based budgeting, instead of giving government agencies automatic spending increases every year; passing the Raines Act to shift power away from unaccountable bureaucrats to Congress; holding a top-to-bottom review of all regulations so we can roll many of them back; holding government officials accountable for their performance; and reforming the tax code. (Breitbart)

The U.S. has the highest corporate tax rate, 39%, among developed industrial nations making it less competitive against other countries, according to data tracked by the Business Roundtable.  On average the U.S. tax rate is 60% higher than the nation’s toughest rivals, Fox Business reports.

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