Published: September 19, 2011
WASHINGTON – “In December 2010, major American employers united around ‘A Roadmap for Growth.’ In September 2011, we still believe that growth is of paramount importance,” said John Engler, president of Business Roundtable, today in reaction to President Obama’s recommendations to the Joint Select Committee on Deficit Reduction.
“With the current, anemic economic conditions, the unemployment rate will remain consistently high and tax receipts will remain low unless the focus shifts to long-term policies and economic growth,” Engler said. “The uncertainty created by the threat of even higher taxes helps neither job creation nor growth.”
Business Roundtable’s “Roadmap for Growth” strategy stressed the importance of regulatory reform, enactment of pending free trade agreements, comprehensive domestic energy development, educational improvements and a competitive tax system to lay the foundation for long-term, private-sector growth. (See executive summary, full report.)
“President Obama did again express support today for lowering the U.S. corporate tax rate to improve global competitiveness,” Engler said. “As I testified last week, Business Roundtable is eager to work with the Administration and Congress to achieve that goal. We remain convinced that a lower corporate rate and a competitive territorial system are essential elements of successful economic growth strategy.”
Engler testified Tuesday, Sept. 13, to a Senate Finance subcommittee on Business Roundtable’s priorities for comprehensive corporate tax reform. That testimony is available here.
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.
BRT companies give nearly $9 billion a year in combined charitable contributions.