The RATE Coalition issued the following statement regarding today’s ‘Big Six’ meeting at the White House:
We are encouraged by the continued unity from leaders in the Administration and in Congress around the need to fix America’s broken tax code. Today’s meeting marks an important step towards fulfilling a critical goal to “lower rates for all American businesses so they can compete with foreign ones.”
As President Trump noted in his remarks last week, “we have totally surrendered our competitive edge to other countries” with a corporate tax rate that is the highest in the industrialized world. Employing over thirty million Americans – one-third of America’s private-sector workers across all fifty states – the RATE Coalition and our 33 members certainly understand the costly consequences of surrendering that competitive edge. More importantly, however, we also stand eager to assist President Trump, his Administration, and leaders in Congress reduce the rate to a globally-competitive level.
While much attention has been focused on a meeting at the White House regarding the tax rate, it is our hope that much consideration will also be given to meetings that are taking place across America because of the tax rate – from a Fortune 500 Company deciding to relocate overseas to a small business owner contemplating how to comply with a complex code.
With a corporate tax rate that is a full 15 points higher than the OECD average, our government isn’t just collecting taxes – it’s also constricting businesses. The RATE Coalition applauds the ‘Big Six’ for recognizing the severity of that problem and urges them to utilize this once-in-a-generation opportunity to fix it.