Tax & Fiscal Policy | Page 7 | Business Roundtable


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What is Business Roundtable

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.

More Than Leaders. Leadership.

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.

About BRT

Business Roundtable supports tax and budget policies that promote U.S. business investment, competitiveness and job creation. Specifically, the Committee focuses on pro-growth reform of domestic and U.S. international tax rules and advocates for slowing the growth of federal spending to stabilize federal debt and achieve long-term fiscal sustainability.

The Top Line: A Disappointing Jobs Report

Labor market momentum slowed sharply in May, casting doubts on the strength of the U.S. economy, according the Bureau of Labor Standards report released today. Nonfarm payrolls added a disappointing 38,000 jobs and labor force participation fell for the second month.

However, the unemployment rate dipped to 4.7 percent, while average annual wage growth held on to a solid 2.5 percent pace. Will May’s weak employment report cause the Fed to postpone interest rate increases this summer?

The Top Line: New Revision Reaffirms Halting Growth

The U.S. economy grew by 0.8 percent in the first quarter of 2016, the Bureau of Economic Analysis announced in its second estimate released today. The growth represented a slightly faster pace than initially estimated, though still below the 1.4 percent growth rate in the final quarter of 2015. A modest gain in consumer spending and robust residential investment offset a sharp decline in business investment and negative net exports.

BRT Letter to Congress on Treasury Department's Proposed Debt/Equity Regulations

Business Roundtable has strong concerns about the potential business disruption, significant breadth of impact, and adverse consequences caused by the proposed regulations. Because of these concerns, and the immediate effect of the new rules, I urge Congress to require the Treasury Department to take three immediate actions: (1) extend the comment period by at least 90 days (to October 5, 2016); (2) change the effective date; and (3) provide a thorough and complete economic analysis prior to considering finalizing the regulations.

Business Community Letter to the U.S. Treasury on the Proposed Debt-Equity Regulations

The proposed guidance, which overturns long-standing tax principles and well-established case law and regulations, will significantly increase the cost of doing business in the United States, and create further obstacles to much needed investment, job creation and economic growth.

The Top Line: April Jobs Report Suggests 'Cooling' Labor Market

The labor market showed signs of cooling in April after three quarters of subdued economic growth. Non-farm payrolls added 160,000 jobs and the unemployment rate held steady at 5.0 percent while labor force participation slipped from 63 percent to 62.8 percent, the Bureau of Labor Standards reported today.  However, earnings were a bright spot this month as average annual wage growth reached 2.5 percent. How will this month’s mixed report impact the Fed’s decision regarding the timing of its next interest rate hike?

Business Roundtable Letter on Country-by-Country Tax Reporting

Business Roundtable’s interest in CbC reporting stems from the fact that the information requested in these reports includes sensitive competitive business information. Safeguarding the confidentiality of this information is key, which the Treasury’s proposed CbC reporting regulations recognize by providing the same confidentiality protection to CbC reports as to other tax return information.

Business Roundtable Letter to Senate on Tax Treaties

Increasing the ability of American businesses and their U.S. workers to compete in foreign markets provides immediate benefits to the U.S. economy.

Business Roundtable Statement on Inversions

Business Roundtable President John Engler issued a statement following the U.S. Treasury action regarding inversions and President Obama's remarks.

The Top Line: A Resilient Economy with 215,000 Jobs Added in March

The labor market showed resiliency in March despite continued global headwinds, according to the Bureau of Labor Analysis' economic situation summary released today. Non-farm payrolls added 215,000 jobs, while the average hourly workweek held steady and wage growth ticked up. Finally, the slight uptick in March’s unemployment rate – from 4.9 percent to 5 percent – was coupled with an increase in the labor force participation rate, suggesting that sustained labor market gains may be drawing more Americans into the labor force.

CEO Survey Shows Economy Stuck on Slow, TPP Would Boost Growth

U.S. GDP will grow just 2.2 percent in 2016, according to results of Business Roundtable's Q1 CEO 2016 Economic Outlook Survey released today, dropping from last quarter's projection of 2.4 percent.


Committee Priorities

Tax reform for all businesses is fundamental to strengthening the U.S. economy and ensuring that American workers and American companies can successfully compete around the globe. A modernized U.S. tax system with competitive tax rates and competitive international tax rules would promote growth through greater investment, higher wages and more jobs in the United States.

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Achieving Sound Fiscal Policy

Business Roundtable supports sound fiscal policy by urging Congress to pass annual budgets on time; appropriate funds early enough in the legislative session to avoid disrupting government operations; follow an orderly process to allow for required borrowing; and strengthen entitlements for the long haul.