Representatives from industry, government and the accounting profession called on Congress to reform the nation's business tax structure, warning that the current web of corporate tax incentives and penalties is pressuring companies to adopt inefficient practices.Tax Executives Institute International president David Bernard urged the Senate Finance Committee to abandon the current "patchwork of tax incentives and inducements" for businesses, and switch instead to a "simpler, more administrable code" that will promote sound tax policy. Rather than legislating business tax preferences in an effort to "pick winners and losers" in the marketplace, he recommended a broader tax base with lower rates for all businesses.
U.S. Comptroller General David Walker agreed, noting that an improved business tax system should feature greater transparency and "few tax preferences or complex provisions."
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