Why Corporate Tax Reform Is So Tricky

The U.S. corporate tax code is an opaque morass of special-interest giveaways. It distorts investment decisions, fuels CEOs' addiction to debt, and discourages corporations from settling in the U.S. Oh, and its 35 percent statutory rate is the highest in the world.

The need to lose this albatross is the rare area of agreement uniting President Barack Obama, his Republican adversaries, and Big Business. All say that lowering the corporate tax rate while closing industry-specific loopholes could give the U.S. economy a jolt of adrenaline and make life easier for corporate treasurers.