WASHINGTON, D.C. — The RATE Coalition issued the following statement in anticipation of today’s Senate Finance Committee Hearing on The President’s Budget:
During the Senate Finance Committee hearing on the President’s budget proposal, we look forward to hearing, from Treasury Secretary Steve Mnuchin about the role that a reduction in tax rates – for businesses of all sizes – will play in making America’s economy stronger and making the United States a more attractive place to invest and hire.
Our tax code is literally driving American companies out of this country. Across the United States, executives are asking themselves how they can compete on the global market with the world’s highest corporate tax rate.
The companies that comprise the RATE Coalition pay an average federal rate of 32 percent, which is higher than the corporate rate in Saudi Arabia, higher than the corporate rate in Israel, higher than the corporate rate in Italy, and higher than the corporate rate in Belgium—the countries that President Trump has visited over the last week.
We know that our high corporate tax rate is slowing economic growth in this country. We know that it is depressing wages. We know that it is driving businesses to invest outside, not inside, the United States.
We urge the Senate Finance Committee Members on both sides of the aisle to work together with the White House to get common-sense business tax reform done as soon as possible. RATE stands ready to work alongside the policymakers to develop those solutions. Simply put the time for action is now. America cannot afford to wait.
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