Read the full op-ed in Leadership in Action.
By Gregory J. Hayes, Chairman & Chief Executive Officer of United Technologies Corporation
Over the last 30 years, other countries have reduced tax rates dramatically, while the U.S. tax code has remained a relic of the past. Our current tax system makes U.S. companies uncompetitive around the world.
We cannot afford to squander the best chance we’ve had in decades to replace our outdated tax system.
Rewriting the U.S. tax code is an arduous task. However, the House blueprint proposed by Speaker Paul Ryan (R-Wis.) and Ways and Means Committee Chairman Kevin Brady (R-Texas) is a strong starting point for comprehensive tax reform that advances good economic policy.
As business leaders, we must coalesce around tax reform that is more globally competitive, fair and simple, recognizing that not everyone will get everything they want. A tax system that promotes these notions will drive significant growth in the U.S. for the benefit of everyone.