The Reforming America’s Taxes Equitably (RATE) Coalition – whose affiliated companies represent over 30 million employees in all 50 states – released the following statement on the Senate’s passage of the budget resolution:
“The RATE Coalition applauds the Senate for joining the House in unlocking the legislative path forward for historic tax reform. As both chambers of Congress begin the process of reconciling their resolutions, we are extremely encouraged by their shared commitment to reducing the corporate tax rate – currently the highest in the industrialized world and a full fifteen percentage points above the OECD average. That commitment to easing the self-inflicted burden we impose on job-creating businesses of all sizes transcends politics and is both bicameral and bipartisan.
“The Senate’s activity to end this week is a stride towards achieving the promising preview that started it: the pay raise projected by the Council of Economic Advisers report. Enacting meaningful, comprehensive tax reform with a globally competitive corporate tax rate would, according to the CEA, put more money in the pockets of more workers – increasing the average household income by between $4,000 and $9,000 annually.
“The only thing, therefore, that now stands between American workers and the pay raise they deserve is Washington’s resolve to reduce the rate. Tonight, the Senate took an important step in demonstrating that resolve – as well as delivering that win for our workforce.”