In his State of the Union address, President Barack Obama outlined an ambitious agenda to overhaul the U.S. tax code, produce more domestic and alternative energy, rebuild our infrastructure and expand international trade. This endeavor must start with the long overdue task of restructuring the corporate tax code, stuck at 39 percent for far too long (35% federal + 4% state) and putting American companies at a competitive disadvantage versus our economic peers.

This country – and much of the world economy – is in a backwards slide that must be reversed. Many leaders in corporate America today, including me, have ideas on the biggest challenges we face and the best solutions. I shared my own views on this recently with the National Association for Business Economics in Washington, D.C., of which our Chief Economist Gene Huang is president.

To revitalize our economy and build opportunity for current and future generations, we must:
• Reduce our reliance on imported petroleum;
• Combat overregulation; and
• Revitalize business through tax reform, education and training.