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According to the Wall Street Journal, “for years, countries have been competing with each other over corporate tax.” Many different countries want to create the most favorable tax environments for businesses in order to encourage companies to locate within that particular country's borders. Now, with the election of Donald Trump, the United States could also join the competition... which could result in a race among countries to further slash tax rates.

A presidential election is always going to have an impact on businesses because of tax policy changes and other regulatory shifts that come from a new president assuming office. However, the unexpected election of Donald J. Trump could usher in unprecedented changes to the business tax code. The Republicans and Donald Trump have put forth proposed tax plans which promise to promote growth and fundamentally alter the way in which businesses are taxed.