An overhaul of U.S. tax code to make it simpler and more broad-based should foster business investments and productivity, boosting overall domestic economic growth, New York Federal Reserve PresidentWilliam Dudley said on Wednesday.

The current tax system, which is seen as burdensome and complex, “cannot be productivity enhancing,” he said on a panel about regional economic trends with Dallas Fed President Robert Kaplan, sponsored by Hearst and Partnership for New York City.

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