The Reforming America’s Taxes Equitably (RATE) Coalition – whose affiliated companies represent over 30 million employees in all 50 states – released the following statement after the Senate Finance Committee passed the Tax Cuts and Jobs Act:

“On the heels of today’s breakthrough moment in the House of Representatives, we applaud the Senate Finance Committee for passing the Tax Cuts and Jobs Act. The TCJA’s reduction of America’s chart-topping corporate tax rate – currently the highest in the industrialized world – to twenty percent on a permanent basis would finally restore our competitive edge in the globalized marketplace. As the bill advances from committee to consideration before the full Senate, the American economy is now one step closer to the explosive growth well within our reach. Such economic growth, as an array of analyses project, would offer American families more jobs, higher wages, and increased household income.

“Much work still remains in the fight to fix our broken business tax system. Yet, the progress made today is a promising preview of Congress’s resolve to deliver this critical win for job-creating businesses of all sizes and the American workers they employ.”