Business

Companies glum on tax reform odds

Corporate America appears to have given up hope that Obama will do anything about tax reform.

AP/File

Corporate America appears to have given up hope that Obama will do anything about tax reform.

WASHINGTON — For years, President Obama has been lamenting the sad state of the federal tax code. Like many in Washington, Obama has been particularly vocal in his concern about the 35 percent corporate rate, the highest statutory rate for business in the developed world.

But corporate America appears to have given up hope that Obama will do anything about it, according to the latest survey of big-company tax officers by the D.C. law firm Miller & Chevalier.

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For the first time since the firm began conducting the survey in 2007, not a single respondent predicted that tax reform would be enacted in the coming year. And only one in four see much hope of movement in the final years of the Obama administration. Most of the 129 tax officers surveyed either were ‘‘unsure’’ when legislation might advance or predicted movement only after the next presidential election.

Representative Dave Camp, Republican of Michigan, replaced Obama in the survey as the person who ‘‘will have the most significant impact on tax policy’’ in the coming year. Camp, who chairs the tax-writing House Ways and Means Committee, recently released a plan for a comprehensive tax overhaul that has won praise from analysts across the political spectrum.

Washington Post

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