The_AT0 average_AJ0 statutory_AJ0 corporate_AJ0 tax_NN1 rate_NN1 among_PRP 177_CRD countries_NN2 has_VHZ fallen_VVN to_PRP 26_CRD %_NN0 in_PRP 2020_CRD from_PRP 46.5_CRD %_NN0 in_PRP 1980_CRD ,_PUN according_VVG to_PRP the_AT0 Tax_NN1 Foundation_NN1 ._SENT Some_DT0 jurisdictions_NN2 boast_VVB very_AV0 low_AJ0 rates_NN2 ,_PUN such_DT0 as_PRP Ireland_NP0 's_POS 12.5_CRD %_NN0 or_CJC Hong_NP0 Kong_NP0 's_POS 16.5_CRD %_NN0 ._SENT But_CJC if_CJS this_DT0 is_VBZ a_AT0 race_NN1 to_PRP the_AT0 bottom_NN1 ,_PUN most_DT0 national_AJ0 capitals_NN2 are_VBB conspicuously_AV0 ambivalent_AJ0 about_PRP winning_VVG ._SENT Global_AJ0 corporate_AJ0 rates_NN2 have_VHB never_AV0 converged_VVN at_PRP the_AT0 floor_NN1 set_VVN by_PRP the_AT0 biggest_AJS tax_NN1 cutters_NN2 ._SENT Instead_AV0 ,_PUN the_AT0 name_NN1 of_PRF the_AT0 game_NN1 has_VHZ been_VBN tax_NN1 reform_NN1 ._SENT Competitive_AJ0 innovation_NN1 in_PRP the_AT0 mechanics_NN2 of_PRF national_AJ0 tax_NN1 codes_NN2 —_PUN such_DT0 as_PRP credits_NN2 and_CJC deductions_NN2 for_PRP physical_AJ0 investment_NN1 ,_PUN or_CJC treatment_NN1 of_PRF research_NN1 and_CJC development_NN1 costs_NN2 and_CJC intellectual_AJ0 property_NN1 —_PUN is_VBZ the_AT0 true_AJ0 race_NN1 ._SENT To_TO0 cite_VVI one_CRD example_NN1 ,_PUN the_AT0 United_NP0 Kingdom_NP0 in_PRP its_DPS new_AJ0 budget_NN1 proposes_VVZ to_TO0 increase_VVI the_AT0 headline_NN1 corporate_AJ0 rate_NN1 but_CJC to_TO0 partially_AV0 offset_VVI that_CJT with_PRP a_AT0 tax_NN1 credit_NN1 for_PRP investment_NN1 in_PRP physical_AJ0 plant_NN1 ._SENT It_PNP 's_VBZ a_AT0 flawed_AJ0 plan_NN1 ,_PUN but_CJC the_AT0 goal_NN1 is_VBZ to_TO0 lift_VVI investment_NN1 to_TO0 boost_VVI the_AT0 post-Covid-19_AJ0 recovery_NN1 ._SENT This_DT0 type_NN1 of_PRF tax_NN1 competition_NN1 was_VBD central_AJ0 to_PRP the_AT0 2017_CRD Trump_NN1 tax_NN1 reform_NN1 ,_PUN not_XX0 that_CJT Ms._NP0 Yellen_NP0 or_CJC other_AJ0 architects_NN2 of_PRF the_AT0 Biden_NP0 proposal_NN1 want_VVB to_TO0 admit_VVI it_PNP ._SENT They_PNP focus_VVB on_PRP the_AT0 reduction_NN1 in_PRP the_AT0 federal_AJ0 top_AJ0 marginal_AJ0 corporate_AJ0 tax_NN1 rate_NN1 to_PRP 21_CRD %_NN0 from_PRP 35_CRD %_NN0 ,_PUN while_CJS ignoring_VVG provisions_NN2 that_CJT broadened_VVD the_AT0 tax_NN1 base_NN1 ._SENT Among_PRP the_AT0 most_AV0 important_AJ0 were_VBD new_AJ0 methods_NN2 for_PRP taxing_AJ0 global_AJ0 corporate_AJ0 earnings_NN2 arising_VVG from_PRP intellectual_AJ0 property_NN1 ;_PUN we_PNP described_VVD some_DT0 of_PRF these_DT0 provisions_NN2 earlier_AV0 this_DT0 week_NN1 ._SENT Democrats_NN2 say_VVB the_AT0 13.125_CRD %_NN0 effective_AJ0 rate_NN1 the_AT0 2017_CRD law_NN1 imposed_VVN on_PRP these_DT0 earnings_NN2 is_VBZ too_AV0 low_AJ0 ._SENT But_CJC before_CJS that_DT0 reform_NN1 the_AT0 true_AJ0 rate_NN1 was_VBD zero_CRD as_CJS companies_NN2 delayed_VVD repatriating_VVG overseas_AJ0 earnings_NN2 to_TO0 avoid_VVI paying_VVG any_DT0 U.S._NP0 tax_NN1 ._SENT Companies_NN2 brought_VVD back_AVP some_DT0 $_NN0 1.6_CRD trillion_CRD in_PRP capital_NN1 in_PRP the_AT0 three_CRD years_NN2 after_PRP reform_NN1 ._SENT The_AT0 2017_CRD Tax_NN1 Cuts_NN2 and_CJC Jobs_NN2 Act_NN1 finally_AV0 reformed_VVN America_NP0 's_POS corporate_AJ0 tax_NN1 code_NN1 after_PRP most_DT0 other_AJ0 developed_AJ0 countries_NN2 had_VHD taken_VVN steps_NN2 to_TO0 reform_VVI theirs_PNP and_CJC U.S._NP0 companies_NN2 were_VBD at_PRP a_AT0 disadvantage_NN1 ._SENT The_AT0 2017_CRD law_NN1 ,_PUN which_DTQ left_VVD the_AT0 statutory_AJ0 rate_NN1 higher_AJC than_CJS competitors_NN2 such_DT0 as_PRP the_AT0 U.K._NP0 ,_PUN is_VBZ another_DT0 example_NN1 of_PRF how_AVQ smart_AJ0 policy_NN1 makers_NN2 are_VBB n't_XX0 racing_VVG toward_PRP a_AT0 zero_CRD rate_NN1 so_AV0 much_AV0 as_CJS experimenting_VVG with_PRP the_AT0 mix_NN1 of_PRF rates_NN2 and_CJC tax_NN1 rules_NN2 to_TO0 foster_VVI healthier_AJC economies_NN2 ._SENT 
