Friday, US Treasury Secretary Timothy Geithner is scheduled to meet with corporate CFOsto discuss changing the current tax structure that is inefficient at best and job killing at worst. This meeting is specifically going to address the corporate tax structure and comes after President Obama’s fiscal reform commission recommended cutting the rate from 35% to 25%. The 35% rate is the highest amongst the major G20 nations.
Unfortunately, it may be just a dog and pony show.
According to The Hill, Valerie Jarrett, a senior White House adviser, acknowledged Wednesday that a push to overhaul the nation’s tax codes could take years. Jarrett is an Obama insider that has been with the President since the beginning and has survived the recent White House economic team shakeup. This indicates that the White House is not going to push for reform in a meaningful way.