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Japan has signaled its intention to further reduce corporate tax rates, which would likely create a boost for its economy. Congress has also bandied about an array of corporate tax reform options like so many pingpong balls, but we have yet to see a comprehensive plan brought forward. House Ways and Means Chairman Dave Camp, R-Mich., has hinted at unveiling a comprehensive proposal in the weeks ahead, and anything that can spark constructive debate on the issue would be welcome.
The World Economic Forum has pinpointed what’s creating a drag on the American and Japanese economies. Japan has taken action to improve their lot, but the United States has yet to follow suit. It remains to be seen whether policy makers will do anything about it.
Mieko Nakabayashi is a former member of the Japanese national legislature. James Carter is a former deputy assistant secretary at the Treasury Department and manages government relations for Emerson.