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 Democrats’ tax hike proposal:
“After more than three decades of saddling job creators with the highest corporate tax rate in the developed world, businesses of all sizes came together in a historic push to fix our broken system. As a direct result of the globally competitive corporate rate achieved by that push, a growing list of more than 400 companies across America are rewarding workers and consumers alike with tax reform bonuses, wage increases, 401(k) contributions, and lower utility rates. Seemingly every day since the Tax Cuts and Jobs Act was signed into law by President Trump, an announcement by yet another company has helped this landmark legislation live up to its name.
“Unfortunately, the proposal released today by Senate Democrats would raise the tax rate responsible for putting more money in the pockets of over four million Americans. Our new competitive edge would vanish under this plan – and its effective 29 percent rate would once again make the United States home to one of the highest tax burdens. America’s foreign competitors are undoubtedly cheering today’s development.
“Following the success of the RATE Coalition’s aggressive advocacy campaign last fall, we stand ready to refocus our efforts to ensure that the American people will not be deprived of their win.”