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Priorities for 2014: Comprehensive Business Tax Reform

Here’s food for thought . . . Benjamin Franklin once said, “Nothing is certain but death and taxes.”

Ironically, recent events in Washington, D.C. have led many to believe that “Nothing is certain but the death of tax reform.”

At the Silicon Valley Leadership Group, we are concerned that this may be the case for business tax reform. American businesses deserve better, and America’s economy needs better.

Allow me to explain.

For the past four years, a bipartisan, bicameral effort has been underway to develop meaningful, comprehensive business tax reform that is fair to U.S. businesses and would make American employers competitive abroad.

Democrat Senator Max Baucus of Montana and Republican Congressman Dave Camp of Michigan have invested four years – working together in a productive, positive way – meeting every week that they are in D.C. on meaningful, thoughtful reform.

Senator Baucus, who planned to retire at the end of 2014 from the Senate, had also viewed this multi-year effort as the capstone of his career. Then, just two weeks ago, to the surprise of many, President Obama announced his plans to appoint Senator Baucus as America’s next Ambassador to China. Regardless of the merits of that selection, losing the Senator at this time makes meaningful tax reform – after four years of work – a much steeper climb.

Keeping the Senator in the Senate, working to pass the first comprehensive tax reform legislation in 30 years, would serve our nation much better than a post in China.

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