Despite the diversity of our industries, we are writing with one shared perspective on the historic tax reform proposal before you: achieving the globally competitive corporate tax rate of twenty percent on a permanent basis is the most consequential action Congress can take to restore economic growth and reclaim jobs from overseas. Shedding the dubious distinction of having the highest tax rate in the industrialized world would encourage both domestic and global companies to expand business activity in the United States.
Manifesting itself in the form of lower wages and lost opportunities, America’s record-setting rate of nearly forty percent – a full fifteen points above the OECD average – is a burden ultimately borne by your constituents and beloved by our competition.
Throughout the course of the last thirty-one years, countries the world over engaged in a global race to reduce their rates. Despite the broad, bipartisan consensus around the need to follow suit, inaction cost our country an estimated 4,700 companies from 2004 to 2016 alone as they moved overseas for better tax treatment.
Yet, in 2017, Congress continues to demonstrate its determination to enact this once-in-ageneration reform. Our coalition – 30 member companies and associations that employ over 30 million Americans – applauds the resolve responsible for the legislative progress thus far. Analyses put forth in recent weeks by the Council of Economic Advisers, the Tax Foundation, the American Action Forum, and Boston University economist Laurence J. Kotlikoff each underscores the importance of finishing strong – reaffirming the truth that a competitive corporate tax rate is as critical for the employee as it is the employer.
America’s businesses, the workers we hire, and the consumers we serve are counting on this Congress to fix the world’s most burdensome tax code. We urge you and your Senate colleagues to once again restore America’s competitive edge in the globalized marketplace by passing the Tax Cuts and Jobs Act.
Mark Bertolini CEO Aetna
Martin J. Barrington, Chairman, Chief Executive Officer and President Altria Group
Edward R. Hamberger, CEO and President Association of American Railroads
Thomas R. Kuhn President, Edison Electric Institute
Frederick W. Smith, Chairman and CEO FedEx Corporation
Bill Ford Executive, Chairman Ford Motor Company
Craig Menear, Chairman, CEO and President The Home Depot
Tom Falk, Chairman and CEO Kimberly-Clark Corporation
Gregory B. Maffei, President and Chief Executive Officer Liberty Media Corporation
Marillyn A. Hewson, Chairman, President and CEO Lockheed Martin Corporation
Matthew Shay, President and CEO National Retail Federation
Debra Crew, President and Chief Executive Officer Reynolds American Inc.
Margaret Keane, President and CEO Synchrony Financial
David Abney, Chairman and CEO UPS
Lowell McAdam, Chairman and CEO Verizon