The cost of inaction on tax reform: 6.5 million jobs

http://www.bizjournals.com/sanfrancisco/news/news-wire/2015/01/15/the-cost-of-inaction-on-tax-reform-6-5-million.html

http://www.nam.org/taxstudy/

The National Association of Manufacturers is trying to light a fire under Congress for comprehensive tax reform by quantifying how much inaction on this issue is costing the economy.

The answer: $12 trillion in economic growth, $3.3 trillion in business investment and more than 6.5 million jobs over 10 years.

That's according to a NAM-commissioned study by economists at the University of Tennessee and the University of Kansas. These estimates are based on the economic impact of pro-business tax reform: a maximum corporate tax rate of 25 percent; shifting to a territorial tax system, where taxes are levied only on profits earned in the U.S.; full expensing of all capital equipment purchases; an enhanced and permanent research and development tax credit; and parallel changes for pass-through businesses, which are subject to individual income taxes, not corporate taxes.