Washington – Mark A. Weinberger, Global Chairman & CEO of EY and Chair of the Business Roundtable Tax and Fiscal Policy Committee, issued the following statement today in advance of a House Ways and Means Committee hearing on the global tax environment:
“American workers and job creators are burdened by an outdated, uncompetitive international tax system. We are encouraged that congressional leaders are exploring ways to make progress on such reform to help American businesses create jobs and compete around the world. Business Roundtable supports the Ways and Means Committee’s efforts to address our broken tax system, and we look forward to working with them in a constructive way.
“The urgency of tax reform cannot be overstated as foreign countries aggressively compete for mobile jobs and investment. The high U.S. corporate tax rate is estimated to have led to the loss of 1,300 U.S. companies through foreign acquisitions over the past decade. Comprehensive reform of our nation’s tax code, which should include more competitive rates for both large and small employers along with modernized international tax rules, will significantly improve the competitiveness of U.S. businesses around the world.”