Washington – Business Roundtable (BRT) President John Engler commended Senate Finance Committee Chairman Max Baucus (D-MT) for remarks today embracing the need for corporate tax reform to promote American competitiveness.
Engler also noted Baucus’ call for a “21st century tax code” that would reflect the global economy’s transformation since 1986, when the United States last passed a major tax reform package.
In an address at the Bipartisan Policy Center, Baucus highlighted how other countries have modernized their tax codes to be more competitive, lowering corporate rates to attract business and adopting territorial tax systems. Since Japan lowered its corporate tax rate this spring, the United States now has the highest statutory corporate tax rate among major economies, and it is the only G-8 country that taxes income outside its own borders when that income is repatriated.
“We welcome Chairman Baucus’ consideration of reforms to our tax system that would help make American businesses more competitive, improving prospects for companies and workers alike,” Engler said.
“Business Roundtable supports fiscally responsible reforms that will lower the corporate tax rate and move to a territorial tax system like those in the rest of the world to boost jobs and investment in America,” said the BRT’s Engler. “We look forward to working with Senator Baucus on legislation to modernize and streamline our outdated tax system, producing more growth and more jobs.”