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OECD chimes in on US tax reform

Zone(s): USA ¦ Sector(s): Tax
[17 June 2014, Tax-News.com] By Ulrika Lomas, Tax-News.com, Brussels: On June 13, 2014, the Organization for Economic Cooperation and Development’s (OECD) Secretary-General, Angel Gurría, presented the latest economic survey of the United States, which identifies certain tax-based reforms needed to boost US economic growth.

The report’s key recommendations are that the following measures can be taken to boost long-term growth and improve the efficacy of the United States’ tax policies:

  • Cut the marginal corporate income statutory tax rate and broaden its base, notably by phasing out tax expenditures;
  • Lead international efforts to reach an agreement on base erosion and profit shifting (BEPS); and
  • Make the personal tax system more redistributive by restricting regressive income tax expenditures.

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