Chairman Ryan Addresses Special ACCF Forum with Business Leaders

Business leaders and trade association executives from a broad spectrum of industry sectors, investors and members of the media were in attendance at an exclusive, invitation-only ACCF forum to hear House Budget Committee Chairman Ryan’s views on deficit reduction, tax reform and economic policy in the current congress and beyond. I shared my thoughts on tax reform and debt reduction with Ryan at the event. Washington Columnist Michael Barone noted: Ryan spoke at a breakfast this morning at the Phoenix Park Hotel sponsored by the American Council on Capital Formation. In an impressive speech delivered without visible text Ryan argued that “government activism” is holding the economy back and that “four foundations for economic growth” are being ignored because of (1) out-of-control spending, (2) “a regulatory state untethered to reality,” (3) “enormous uncertainty” about tax rates and (4) lack of sound money.

Continue reading

Repatriation is a free stimulus bill for taxpayers

I recently explained to The Tennessean how repatriation can benefit our economy at no cost to taxpayers… Supporters of the corporate holiday — something akin to the tax-free, back-to-school shopping weekends that Tennessee and other states routinely sponsor — say it would help the federal government collect at least some taxes on money that would otherwise stay offshore. Margo Thorning, chief economist at the American Council for Capital Formation, called the tax holiday idea “like a free stimulus bill — money that we wouldn’t see otherwise…” U.S. Treasury officials had said they would only consider letting U.S. companies pay a reduced tax rate on profits earned overseas as part of a broader overhaul of the U.S. corporate tax code. Even tax holiday proponents — such as the American Council for Capital Formation — say something should be done longer-term about corporate tax rates in the United States. Thorning, the economist who speaks for that pro-business group, argued that U.S. taxes on businesses are higher than in any other industrialized country except Japan. “As long as our tax rate is so much higher than other countries, companies are unlikely to bring offshore earnings home — especially in today’s uncertain environment about…

Continue reading