Let's count the ways America benefits when corporate taxes are cut from 35 percent to 20 percent

The United States has one of the highest corporate tax rates in the world. If you want to know why so many U.S. companies go through "inversions" (setting up new corporate headquarters in other countries), there's your answer. Why pay 35 percent of your net earnings when you can pay a much lower rate elsewhere? So the long-overdue proposal released Thursday to reduce the corporate tax rate to 20 percent is one of the most important economic developments this country has seen in a very long time. It's part of a much larger Republican proposal, and there's plenty of time to talk about the other provisions. But for today let's focus on the corporate tax rate, because there's nothing that will do more to spur productivity and economic growth.

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