The Chief Financial Officer of Caterpillar told reporters Wednesday that the US must revamp its corporate tax code...downwards.
Bloomberg.com reports Edward Rapp, who spoke at a briefing in Washington, said a lower corporate rate is needed so US companies can compete globally.
Rapp suggested that a 25 percent corporate rate, with 20 percent or 21 percent federal taxes, the remainder from state taxes.
The corporate income tax currently tops out at 35 percent.
Rapp also called for conversion to a territorial system, in which companies would not pay U.S. taxes on profits earned overseas.