In his remarks, Kent focused on the competitive disadvantage the United States’ tax system creates for multi-national corporations based in this country. He said, “having one of the highest corporate tax rates — one of the highest corporate tax rates — in the world today and having a system of foreign income taxation that is more onerous than that of any other developed country in the OECD actually does not bode well for the future competitiveness of our country. U.S. policies in this regard are now going to counter the rest of the world.”
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