Reagan-era corporate-tax overhauls have been erased and the U.S. is once again in jeopardy of being uncompetitive, Treasury Secretary Henry M. Paulson Jr. said in a commentary in today's editions of The Wall Street Journal. "As Europe's biggest economies and developing nations around the world move to reduce corporate taxes and gain the benefits for their workers that U.S. workers already enjoy, now is an opportune time, when our economy is in a position of strength, to consider ways our business tax system can be improved," said Paulson, who will hold a conference examining the issue next week.

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