President Obama is to offer a corporate tax reform plan on Wednesday, according to CNN.com, which will increase American competitiveness and provide a more fair corporate tax code. According to the Treasury Department, it is possible to implement a reduction in the overall corporate tax rate from 35% to 28%, and set a manufacturing rate of 25% while remaining deficit neutral through an increase in the tax base and by closure of loop holes in the tax code, as well as by ending  tax breaks and subsidies for corporations that outsource jobs overseas. Small business tax cuts and  incentives for research and development, as well as clean energy production, are also mentioned, but details are not specified on this portion of the plan. Even though there is division on the steps which should be taken, there is broad consensus among average Americans and economists alike that meaningful change must be made in the tax code in order to provide a more level playing field for corporations and also to increase revenue. Although  politicians have based entire campaigns on this issue, few have been able to deliver on his or her promises. 

      The importance of this plan cannot be exaggerated, especially during a recovery as shaky as the one the global economy is currently experiencing. This plan supports a more centrist approach by spanning the ideological divide between a laissez-faire approach and one which insists upon government intervention. This plan decreases the impact of government on U.S. businesses by simplifying the tax code and decreasing the tax rate, but still allows the government to level the playing field by providing higher tax breaks for small businesses and also by investing in research and development and clean energy. With America seeming to leave behind the values of a meritocracy in favor of a wealth incumbency, there needs to be legislation introduced to enhance equality in the corporate sphere. It is my belief that this plan will  assist in reducing the deficit without increasing taxes on the average American, while also spurring economic growth by making entrepreneurship a more achievable goal for the average American.