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BRT Statement on House Tax Extenders Legislation

Washington – “Business Roundtable CEOs strongly object to the inclusion of major international revenue-raising provisions contained in H.R. 4213, which is currently before the Senate. These tax increases are the exact opposite of what we need to promote job growth at home; they will make American companies less competitive in markets abroad and thus reduce funds that would otherwise be available for job-promoting investments in the United States. Fundamental policy changes of long-standing tax law, business practice, and Treasury and IRS guidance such as these should be considered only as part of broader tax reform after hearings and testimony to explore the full extent of the legislation’s consequences and to address any adverse consequences on U.S. competitiveness.

“Worldwide American companies already face one of the highest corporate tax rates in the world and more disadvantageous international tax rules than their foreign-headquartered competitors. Adding $14 billion in new taxes on a sector of the economy that contributes 63 million jobs, nearly half of U.S. exports and most of the productivity gains of the U.S. economy, is exactly the wrong direction for our nation.

“Business Roundtable will continue to work closely with the Administration and Congress on reforms to enhance U.S. competitiveness, spur economic growth, and add high-wage jobs to the U.S. economy. We urge the Senate to remove these international tax revenue raisers from the pending legislation, extend the expired tax provisions, and keep this economy on a path of growth,” said John J. Castellani, President and CEO of Business Roundtable.

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