The need for corporate tax reform is becoming urgent as high tax rates are increasingly driving American companies overseas. While both President Obama and Mitt Romney have vowed to overhaul the tax code, which has remained unchanged for 26 years, each has different plans on how their reforms will match the new realities of our 21st century economy.

The Manhattan Institute just released the latest in its Issues 2012 series of policy briefs, The Merits of a Territorial Tax System. Authored by MI senior fellow and former chief economist at the U.S. Department of Labor Diana Furchtgott-Roth and MI research associate Yevgeniy Feyman, the report analyzes the presidential candidates’ plans for reform and argues that cutting the corporate tax rate to 15 percent and moving towards a territorial tax system could attract billions of global investment dollars back to America.