Washington - Business Roundtable CEO Joshua Bolten today sent a letter to Members of the U.S. House of Representatives urging support for the House budget reconciliation bill.
“The budget reconciliation measure extends and strengthens the historic reforms from the 2017 Tax Cuts and Jobs Act (TCJA), which leveled the playing field for American businesses and made it more attractive for companies to invest and grow in the U.S.,” writes Bolten. “TCJA delivered strong economic growth, benefiting American workers and families in the form of more job opportunities and higher household income.”
“This bill retains a key element of TCJA’s success: the 21% U.S. corporate rate…Preserving the 21% rate will help businesses continue to invest, hire and grow in America.”
The letter also highlights important international and domestic tax policies that will fuel U.S. investment, innovation and economic growth, including:
- A permanent Global Intangible Low-Taxed Income (GILTI) rate of 10.5%;
- Immediate expensing for research and development investments;
- A permanent Foreign-Derived Intangible Income (FDII) rate of 13.125%;
- Full expensing for investments in equipment, machinery and technology; and
- An interest deduction based on a business’s earnings before interest, tax, depreciation and amortization (EBITDA).
Bolten concludes, “Business Roundtable strongly supports this legislation and encourages you to swiftly pass this measure.”
Read the full letter here.