President Trump’s corporate tax reform plan doesn’t have much in the way of details, but it does have the right general shape. It slashes rates, closes loopholes and ends our perverse worldwide tax system.

A reform following these general guidelines will reduce the distortions caused by a complex and costlier code, increase the competitiveness of American firms, encourage overseas businesses to come to America and homegrown ones to stay here, and free up capital for innovation and job creation.