Published: March 18, 2013
Washington – Business Roundtable (BRT) today launched The Campaign for Home Court Advantage, a national campaign to raise awareness of the need to modernize our outdated, complex tax system in order to enhance job creation and promote a healthier economy in the United States.
“It’s time we reclaim America’s home court advantage by modernizing tax policy in a fiscally responsible way so all U.S. businesses can create jobs, innovate, grow, compete – and win,” BRT President John Engler said. “America’s ability to compete in the global marketplace is undermined by a decades-old tax policy playbook that stands in the way of domestic job creation, discourages business investments and thwarts economic growth. We know that if the American economy can play by the same rules as our global competitors, American workers, innovators and entrepreneurs will come out on top.”
Today, the United States has the highest average combined corporate tax rate (state and federal) of any nation in the developed world, 14 percentage points higher than the average of our major international competitors. Remarkably, the United States is also the only member of the G8 with a “worldwide” tax system, which double taxes foreign earnings of U.S. companies.
The campaign will make the case for comprehensive tax reform – including a competitive corporate rate and a transition to a more modern and competitive international tax system. The Campaign for Home Court Advantage will engage member companies, their suppliers, a broad-based network of state business roundtables, and employer allies and partners across America. Utilizing traditional and digital media, events and local outreach, the campaign will bring to life the concerns and aspirations of job creators who are held back by the current uncompetitive tax code and want the United States to make up lost ground against our global competitors. The campaign will be supported by paid advertising and advocacy inside the Beltway.
“America’s economy has great advantages, from world-class workers and productivity to unparalleled institutions of higher education and abundant domestic energy supplies. However, our corporate tax code is a distinct disadvantage that holds us back,” said Robert A. McDonald, Chairman, President & CEO of Procter & Gamble Company and Chair of BRT’s Tax and Fiscal Policy Committee.
BRT leaders are calling on Congress and the Administration to work together on a bipartisan basis to pass comprehensive job-creating legislation and give America the Home Court Advantage, which must include:
“Our outdated, uncompetitive corporate tax system is forcing American businesses to compete in a global market with one hand tied behind our backs,” McDonald said. “Modernizing our tax system and allowing businesses to play by the same rules as their global competitors will encourage them to bring their earnings home, invest more in the American economy and pull more American workers back into the U.S. job market.”
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with more than $7.3 trillion in annual revenues and nearly 16 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – equal to 61 percent of U.S. private R&D spending. Our companies pay $182 billion in dividends to shareholders and generate nearly $500 billion in sales for small and medium-sized businesses annually.
BRT companies give more than $9 billion a year in combined charitable contributions.