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RATE Coalition Tax Executives Visit Capitol Hill, Obama Administration

WASHINGTON, D.C. — Tax executives from RATE Coalition members Altria, AT&T, Babcock and Wilcox, Boeing, CVS Caremark, Ford, General Dynamics, Kimberly-Clark, Lockheed Martin, the National Retail Federation, Nike, T-Mobile, Verizon, Viacom, Walmart and Walt Disney are meeting today with lawmakers and administration officials to make the case for comprehensive tax reform which includes lowering the corporate tax rate in order to make American companies more competitive.

The executives are visiting a bipartisan group of lawmakers to explain why America needs to reform its out-of-date and complex tax system. The tax code was last reformed in 1986 and since then, almost every other industrialized nation has cut its corporate tax rate in order to attract companies and jobs. America’s rate of 35 percent is the highest among OECD nations and impedes growth, investment and, most importantly, job creation.

“Comprehensive tax reform that lowers rates and broadens the base is an issue that both Democrats and Republicans agree will strengthen the economy and help put Americans back to work,” said Elaine Kamark, former White House adviser to President Bill Clinton and Vice President Al Gore. “Today’s meetings with the Obama administration and on Capitol Hill show our leaders that the business community understands that in order for American businesses to compete in the international marketplace we need a fairer, simpler code that paves the way for sustainable economic growth.”

“As economic growth continues at only a slow pace and unemployment remains far too high, comprehensive tax reform is the solution we need that will create more than 550,000 jobs per year and help American businesses compete,” said James P. Pinkerton, former White House domestic policy adviser to Presidents Ronald Reagan and George H.W. Bush. “No one better understands the problems caused by our inefficient, illogical tax code than the tax executives from some of America’s largest companies. The bipartisan RATE Coalition applauds the work being done by lawmakers, in both parties, who share a commitment to comprehensive tax reform.”

About RATE Coalition:

RATE is a coalition of 32 companies and organizations advocating for sensible corporate tax reform. Making the tax code fairer and simpler will help spur job growth and stimulate the U.S. economy, and make us more competitive globally. RATE members currently include: AT&T, Altria Client Services Inc., Association of American Railroads, Babcock & Wilcox, Boeing, Brown Forman, Capital One, Cox Enterprises, CVS Caremark, FedEx, Ford, GAP Inc., General Dynamics, Home Depot, Intel, Kimberly-Clark, Liberty Media, Lockheed Martin, Macy’s, National Retail Federation, Nike, Northrup Grumman, Raytheon, Reynolds American, Southern Company, Time Warner Cable, T-Mobile, UPS, Verizon, Viacom, Walt Disney and Walmart. RATE members and affiliated companies represent over 30 million employees in all 50 states and support innumerable numbers of suppliers and small businesses.  More information about the coalition is available at www.RATEcoalition.com.

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