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Opinion
The Editors

Just Cut Corporate Taxes Already

The crackdown on inversions fails to address the main issue: the need to reform the byzantine U.S. corporate tax system. 
Jacob Lew's decrees can't fix everything.
Jacob Lew's decrees can't fix everything.

U.S. Treasury Secretary Jacob Lew's new rules to discourage corporate tax avoidance are more aggressive than expected and will have some effect. Still, that's no reason for applause.

Lew's announcement yesterday, concerning so-called corporate inversions, fails to address the main issue: the need to reform the byzantine U.S. corporate tax system. It also illustrates the limits of making tax policy by administrative decree instead of legislation.