“President Obama’s plan today to increase taxes on American corporations is the wrong idea at the wrong time for the wrong reasons. This plan will reduce the ability of U.S. companies to compete in foreign markets, which will not only reduce jobs, but will also cripple economic growth here in the United States. It couldn’t come at a worse time,” said John J. Castellani, President of Business Roundtable.

“Ninety-five percent of the world's consumers live outside the United States, making international growth key to U.S. companies’ success. When U.S. companies expand abroad, America’s exports go up and America’s workers gain access to more and better paying jobs at home. This proposal would reduce companies’ ability to compete abroad, cutting off these benefits to U.S. workers,” he continued.

“Business Roundtable supports the closing of tax loopholes, but given what a fundamental change this represents to our tax system – far beyond targeting so-called loopholes – to say nothing of the dramatic, negative economic impact it will have, President Obama’s proposals should only be considered in the context of broader tax reform that is designed to increase the competitiveness of U.S. companies.”