Morning Brief: White House to Propose Corporate Tax Reforms

The Obama administration is expected to release its proposal for corporate tax reform today (NYT), including measures that would cut the top statutory rate from 35 to 28 percent, close a host of loopholes, offer preferential treatment to domestic manufacturing, and create a minimum tax on the foreign income of U.S. multinationals. Former Massachusetts governor and Republican candidate for president Mitt Romney is expected to expand on his plans for the tax code (The Hill) in Detroit on Friday.

Most Americans believe U.S. businesses are overburdened with government regulations (The Hill), according to a new poll conducted for the National Federation of Independent Business, a business advocacy group. Regulatory reform has become a prominent topic of discussion in Washington, as lawmakers look to expand the economy in the lead up to the November elections.

Corporate regulation and taxation. Read more from top economists and business experts on solutions for addressing corporate tax reform.

International Trade and Investment

Assessing the Impact of China's SOEs

China's large state-owned enterprises (SOEs) are set to change the rules of global economic competition, writes Michael Schuman for TIME. Unlike Russian SOEs of the past, Beijing is pushing these firms to expand abroad, and the United States should embrace this job-creating foreign investment, writes Schuman.

This CFR Policy Innovation Memorandum, “Fostering Greater Chinese Investment in the United States,” looks at what the United States should be doing to attract greater foreign investment from China, including state-owned enterprises.

International trade and investment. Read more from leading analysts on the debate over next steps in U.S. trade policy.

Innovation

The Under 21 Entrepreneurs

Silicon Valley venture capitalists are financing more CEOs under the age of twenty-one than ever before, according to Sarah McBride of Reuters, particularly in web-based businesses. Funders say the entrepreneurs they choose to support, though young, have often been grooming themselves for years—coding, pursuing freelance work, and learning about the internet generally.

Innovation. Read more on how the U.S. capacity to innovate could play a chief role in economic growth.