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 tax reform bill introduced by the House of Representatives:
“Congress took another critical step today towards restoring America’s competitive edge in the globalized marketplace.
“Throughout the past three decades, Washington sat idly by as countries the world over attracted businesses and their resulting jobs. Because of Washington’s inaction, our global competitors are passing us by. America’s combined corporate tax rate of nearly forty percent is now the industrialized world’s highest and a full fifteen percentage points above the OECD average. Shackling ourselves to a chart-topping rate has proven a costly burden to workers – limiting opportunities and wages alike. We therefore applaud Congress for committing to reverse our self-inflicted disadvantage with a globally competitive rate which would, according to the Council of Economic Advisers, increase average household income by between $4,000 and $9,000 annually.
“Now that a bill to enact comprehensive reform has finally emerged after more than thirty-one taxing years, we look forward to reviewing its details with the diligence America’s businesses and workers deserve. Fixing our broken tax system is a once-in-a-generation opportunity and the RATE Coalition stands ready to help Congress make the most of this moment.”