(J. Scott Applewhite/AP Photo)If President Trump was surprised by how complicated health care could be, he’ll be in for a real shock when he gets around to business tax reform. For most big companies, the official 35 percent corporate tax rate is irrelevant. ), are determined to try again, proposing to replace the existing business profits tax with a “destination-based cash flow tax. This switch from a profits tax to a cash-flow tax makes things simpler, encourages investment and eliminates the incentive for businesses to borrow rather than raise capital from investors. Instead, they are taxed only once at the personal income tax rate of the owners.

Source: Washington Post March 11, 2017 12:22 UTC