The RATE Coalition – whose members and affiliated companies represent more than 30 million employees in all 50 states – is proud to support the unified tax reform framework released today by the Administration and leaders in Congress. Particularly encouraging is the proposed reduction in the business tax rate. The RATE Coalition (Reforming America’s Taxes Equitably) is resolved to support efforts to alleviate the heaviest of all tax burdens saddling our job-creating businesses. RATE believes a more competitive tax rate is an objective that’s recognized by a growing chorus of members from both political parties, and that relief from the burden of today’s stubbornly high rate is critical for stronger and more sustained economic growth.
If enacted, the framework would be the first meaningful, comprehensive effort to fix our broken tax system in more than three decades. Since that time, countries the world over have been competing with each other while we have been all but ignored by the competition. The glaring fact is that America’s corporate tax rate – currently the highest in the industrialized world, and a full 15 percentage points higher than the OECD average – is out of step with global reality. Moreover, the burden of our antiquated tax code is being paid for by American workers, in the form of lower wages, fewer jobs, and lost opportunities.
Reforming the tax code for businesses of all sizes will be a win for all Americans. After more than thirty taxing years of inaction, it’s high time for Washington to come together and finally seize this once-in-a-generation opportunity to do right by American workers.