Business Roundtable Calls on Both Presidential Candidates to Support Pro-Growth Policies

Washington - Business Roundtable CEO Joshua Bolten released the following statement ahead of the first Presidential debate:

“Our free enterprise system plays an indispensable role in expanding opportunity for all Americans. As both candidates continue to develop their policy agendas, Business Roundtable urges them to pursue sound, pro-growth policies that fuel America’s long-term prosperity.

“Prior to the 2017 tax reforms, the combined U.S. corporate tax rate was the highest among developed economies, driving businesses overseas in search of a more competitive tax environment. Tax reform lowered the federal corporate rate to a more globally competitive 21%, which was achieved in a fiscally responsible way by reducing corporate tax credits, deductions and exemptions. The reforms helped spur a 20% increase in domestic business investment, stop tax-related corporate inversions and generate record high corporate tax revenues. At a time when American families and businesses are grappling with higher prices and input costs, the last thing we can afford to do is go backward by raising taxes that are primarily borne by U.S. consumers and workers.

“American families, companies and manufacturers are also facing significantly higher costs because of tariffs. Expanding or increasing tariffs on imports would only exacerbate inflationary pressures and undermine the ability of U.S. businesses, farmers, ranchers and workers to compete in the global economy. Moreover, it is time for the United States to return to its traditional role as the global leader in negotiating and enforcing high-standard trade agreements.

“A smart, balanced, consistent approach to regulation is essential to American innovation, economic growth and job creation. However, excessive regulation and overreaching antitrust actions are eroding the foundation of free enterprise and the benefits it provides. Avoiding and eliminating burdensome regulations would help American businesses and consumers alike.

“To compete in the global economy, America needs to ensure that our workforce has the skills and training for in-demand careers. America’s largest companies are working together at scale to better equip employees with the skills and education to adapt and thrive in a rapidly changing economy. Unfortunately, America’s public workforce development system is failing to meet the challenge. With millions of open jobs across the economy, America needs swift action to build a workforce development system that helps workers tackle the challenges of today and tomorrow.

“Business Roundtable stands ready to work with policymakers on both sides of the aisle to advance policies that will grow the economy, create more American jobs and increase economic mobility.”