RATE Coalition Statement on the July Unemployment Report
WASHINGTON, D.C. - RATE Coalition Co-Chairs Elaine Kamarck, former White House adviser to President Bill Clinton and Vice President Al Gore, and James P. Pinkerton, former White House domestic policy adviser to Presidents Ronald Reagan and George H.W. Bush, made the following statement on the July unemployment report.
“Today’s jobs report, which showed an increase of 162,000 jobs and a decrease in the rate to 7.4 percent, highlights the continuing challenges we face in achieving a full economic recovery. The most important thing the U.S. can do now to speed up the slow pace of recovery is comprehensive tax reform. As Congressman Camp and Senator Baucus illustrated in Philadelphia last Monday, the current tax code, last updated in 1986, is holding the economy back – saying that the status quo of today’s tax code ‘isn’t working.’ On Tuesday, President Obama also called for a fairer, simpler tax code in order to help working families.
“The RATE Coalition applauds any step toward comprehensive tax reform that cuts loopholes and uses those expenditures to create a tax code that is fair and a corporate tax rate that will allow us to compete with OECD trading partners, boost growth and expand American jobs.
“A simpler, modern code that allows businesses to focus on the bottom line and not the complexities of tax compliance will expand job creation and lure businesses back to the United States.”
About RATE Coalition:
RATE is a coalition of 32 companies and organizations advocating for sensible corporate tax reform. Making the tax code fairer and simpler will help spur job growth and stimulate the U.S. economy, and make us more competitive globally. RATE members currently include: AT&T, Altria Client Services Inc., Association of American Railroads, Babcock & Wilcox, Boeing, Brown Forman, Capital One, Cox Enterprises, CVS Caremark, FedEx, Ford, GAP Inc., General Dynamics, Home Depot, Intel, Kimberly-Clark, Liberty Media, Lockheed Martin, Macy’s, National Retail Federation, Nike, Northrup Grumman, Raytheon, Reynolds American, Southern Company Time Warner Cable, T-Mobile, UPS, Verizon, Viacom, Walt Disney and Walmart. RATE members and affiliated companies represent over 30 million employees in all 50 states and support innumerable numbers of suppliers and small businesses. More information about the coalition is available at www.RATEcoalition.com.