Published: March 18, 2011
Washington– Business Roundtable today released the following statement:
“Business Roundtable welcomed this week’s call by House Ways & Means Chairman Dave Camp (R-Mich.) for a significant cut to the U.S. corporate tax rate. BRT supports both a competitive rate cut and the adoption of a territorial international tax system, similar to the rest of the world, as advocated in our Roadmap for Growth.
“In 2010, the combined federal and state corporate tax rate in the U.S. stood at 39.2 percent, the second highest in the developed world, and 50 percent higher than many of America’s leading competitor nations.
“Business Roundtable is encouraged that there is wide recognition among Democrats and Republicans that reform to our corporate tax system is long overdue. We must now work together in a bipartisan manner to make our system more competitive, which is the key to driving U.S. economic growth and job creation for years to come.”
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders.
BRT companies give nearly $9 billion a year in combined charitable contributions.