Published: June 11, 2012
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 “We look forward to working with Senator Baucus on legislation to modernize and streamline our outdated tax system, producing more growth and more jobs.”
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Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 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 – nearly half of all private U.S. R&D spending. Our companies pay $163 billion in dividends to shareholders and generate an estimated $420 billion in sales for small and medium-sized businesses annually.
BRT companies give nearly $9 billion a year in combined charitable contributions.