Business Roundtable is an association of chief executive officers of leading U.S. companies working to promote a thriving economy and expanded opportunity for all Americans through sound public policy.
LeAnne Redick Wilson
Senior Vice President
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies working to promote sound public policy and a thriving U.S. economy.
It has been over 30 years since major tax reform was last undertaken. The United States has failed to act while the rest of the world has implemented modern tax policies to aggressively compete for jobs and investment.
Successful tax reform should end the competitive tax disadvantage that U.S. companies face every day in the global marketplace. A modernized tax code must include competitive business tax rates and a modern international tax system (territorial-like) that doesn’t leave trillions of foreign earnings trapped overseas.
This Business Roundtable report on cross-border mergers and acquisitions (M&A) concludes that a globally competitive U.S. corporate income tax rate of 20 percent would have kept 4,700 companies in the United States from 2004 to 2016. A 20 percent rate would have also led to U.S. companies acquiring $1,205 billion in cross-border assets during 2004-2016, the report found.
Ninety percent of CEOs responding to a Business Roundtable survey say that delaying tax reform will harm the U.S. economy, by causing slower economic growth, hiring and capital investment. Fifty-seven percent of the CEOs say delaying tax reform means their company will delay capital spending, the investment that drives jobs and growth. Fifty-six percent say their companies will delay hiring plans.
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For more than two decades, NAFTA has supported jobs and the economy in the United States. Successful negotiations to update NAFTA should expand on, not diminish, the many benefits this U.S. trade agreement has already created. Source
International Trade and investment supports jobs and economic growth in every state, and now supports an estimated 41 million American jobs. U.S. trade-related employment grew three and a half times faster than total U.S. employment between 2004 and 2014.
Globally engaged U.S. companies create jobs, pay higher wages and increase economic growth in every U.S. state and the District of Columbia. For the United States as a whole, U.S. globally engaged companies directly employed 23.3 million American workers in 2013, the most recent year for which data are available, and paid average annual compensation of $78,000, which is 40 percent higher than the average $56,000 annual compensation paid to workers employed by other U.S. businesses.