American corporate tax reforms Many policymakers and economists believe that the current economy requires radical amendments. However, there is sharp disagreement over why the corporate tax system needs a drastic overhaul and which specific policies should be amended or included in the reforms. Currently, the corporate tax ranges from 15% to 35%, depending on the earnings of a specified corporate entity. Generally, tax reforms are aimed at shrinking long term benefits, discouraging tax sheltering, and minimizing preferences and biases in tax codes. The most attractive proposed tax reform is the broader case, lower rates. The discussion on corporate tax places much emphasis on minimizing the top corporate tax rate and increasing the amount of income subjected to tax in order to offset the revenue loss. The rate can further be decreased if the revenue is not the main objective. It is proposed that reducing the current 35% rate of corporate tax would increase revenue. The joint committee on taxation has proposed that the rate could be reduced to 28% by relying only on removal of corporate tax expenditures. These Estimates are majorly revenue neutral that work through a 10 year budget window. A revenue corporate tax of 29.4 can be achieved if the budgetary estimate is adjusted to include the timing effects and deferrals. The top corporate tax could be further minimized if other changes are executed in addition to eliminating all corporate tax expenditures. For instance, deduction of interest that is not tax expenditure ...