The Treasury Department has issued a report on improving the competitiveness of the U.S. business tax system, offering three alternative approaches designed to cut the corporate tax rate in the U.S. compared to other industrialized countries.

The report points out that the U.S. had a lower corporate tax rate in the late 1980s than other countries in the Organization for Economic Cooperation and Development, but the U.S. now has the second highest statutory corporate tax rate among the OECD countries.

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