Trading Breaks for Lower Rates

Business will pay more, but for the economy the news is good

At first glance, tax reform appears to offer little to corporate America but a highly uncomfortable new burden. To finance lower tax rates for consumers, the conference committee boosted levies on businesses by $120 billion over the next five years. The new law will wipe out most of the special tax incentives and shelters that industries have lobbied for and protected for decades. Yet surprisingly, most corporate leaders applaud the reform, since they feel that in the long run they will benefit from a more efficient and vibrant, not to mention fairer, economy. Says Robert Silverman, president of Atlanta's Winter Construction,...

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