Corporate Tax Survey Results A majority of U.S. corporate tax professionals support closing loopholes while lowering corporate tax rate

Thomson Reuters Tax & Accounting Corporate Tax Department Pulse Study cover

The results are in

Our Thomson Reuters Corporate Tax Department Pulse Survey gauged the opinions of corporate tax professionals — from analysts to CEOs — on issues such as U.S. corporate tax reform, tax inversions, recent tax credit expirations, and transfer pricing practices.

The survey found that an overwhelming majority of corporate tax professionals are in favor of lowering the U.S. corporate tax rate, even if that assumes giving up tax loopholes.

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Tax execs OK with closing loopholes

Seventy percent of survey respondents said they are in favor of lowering the U.S. corporate tax rate, even if that assumes the closing of current tax loopholes.

70% of respondants said they are in favor of lowering the U.S. corporate tax rate, assuming it closes loopholes

Inversions are an unpopular fact of life for large companies

Only 12 percent of all tax executives surveyed said they were in favor of moving their companies’ headquarters for tax purposes, but 24 percent said their companies are considering a relocation and/or expansion in a new region to capitalize on favorable tax rates. That number jumped to 30 percent among tax pros who worked for companies with $1 billion or more in annual revenue.

Graph depicting companies looking to enter a relocation/expansion campaign
Graph depicting companies considering moving to a region with lower corporate taxes
Graph depicting companies currently looking at relocation/expansion to capitalize on favorable tax rates/incentives
Graph depicting companies currently looking at relocation/expansion to capitalize on favorable tax rates/incentives

Taxes are a big factor in corporate financial strategies

When asked if the U.S. corporate tax rate plays a significant role in their companies’ global business plans, a 52 percent majority said yes. This number jumped to 59 percent among tax pros who worked for companies with $1 billion or more in annual revenue. Just 15 percent of all survey respondents (and 17 percent of large company respondents) said they expect an increase in tax exposure as a result of pending corporate tax rate legislation.

Graph depicting number of respondants who said the U.S. corporate tax rate plays a significant role in their global business plans