In a survey of more than 680 business executives conducted by KPMG LLP, almost 80% of respondents from both U.S. domestic and multinational companies said they would be willing to accept the repeal of certain tax incentives in exchange for the lower overall tax rate.

According to the survey, among those who support the concept of corporate tax reform, accelerated depreciation (68%) and the manufacturing deduction (66%) were the two most cited tax incentives that respondents were willing to give up.  The current U.S. corporate tax rate is the top business tax concern among those surveyed (40%), followed by taxation of international operations (24%), and financial statement disclosure issues (17%).

The survey also revealed that 36% of respondents said they felt the corporate tax system is seriously flawed and needs a complete overhaul, while 59% said the system has some flaws and needs some reform.

The KPMG's "2012 Tax Reform Survey" was conducted by the firm's Tax Governance Institute between July and mid-September of 2012. A total of 684 business executives were polled, including directors of tax, vice presidents of tax, chief tax counsels, chief financial officers, controllers, treasurers, audit committee members and chairs, and board members and chairs.

Read the full KPMG's "2012 Tax Reform Survey"