WASHINGTON, D.C. — The RATE Coalition issued the following statement in anticipation of today’s Ways & Means Committee hearing on “How Tax Reform Will Grow Our Economy and Create Jobs”:
We applaud Chairman Kevin Brady (R-TX) and the House Ways and Means Committee for holding today’s hearing on how tax reform will grow our economy and create jobs. We are confident that the witness testimony will demonstrate the urgent need for tax reform.
RATE Coalition believes that the simplest way to spark sustained economic growth in this country is to make America’s tax rate more competitive with the rest of the world.
The current tax code does three bad things: it encourages companies to move to lower tax jurisdictions outside our borders; it encourages companies that have money invested in other countries to keep that money in those countries; and it diverts money that could be invested back into companies, their employees or their shareholders, into government coffers.
RATE Coalition companies employ a third of all private-sector American employees, and we pay the highest corporate tax rate. Some say that American companies pay little in corporate taxes, but that simply is not true: RATE Coalition member companies pay an average federal corporate tax rate of 32 percent.
By making America’s corporate tax rate more competitive, America will see an economic boom. We believe that only by growing the economy can we make progress on paying down our national debt, get more Americans back to work, and give the American people peace of mind that this country will be better tomorrow than it is today.
We feel strongly that a simpler, more fair tax code with more competitive corporate tax rate can help the American people achieve their dreams.
We thank the Committee for its efforts to reform the tax code, and we urge them to fix the rate. We remind Members on both sides of the aisle that real reform starts with the rate, and we look forward to being an advocate for common-sense tax reform.