There are four essential keys to economic growth — a reliable legal system (property rights), a stable currency, a developed financial system and a rational tax system.
During the Cold War era, the United States was one of the few countries that could claim all four. Even if the tax code was not perfect here, it was superior to most of the rest of the world that operated in closed economies.
Over time, other countries adopted capitalist economies that offered business-friendly environments like the U.S. and today, unlike during the Cold War, many countries’ tax systems are far more advantageous for businesses.
As a result, the competitive advantage that the U.S. once had in attracting businesses has evaporated. Now, America lives under an anachronistic tax code that must be updated in order to compete internationally.
It is critical for the future of the U.S. economy that it…