Washington - Business Roundtable today released the following statement on proposed revenue measures to fund trillions of dollars in new government spending as outlined in the reconciliation package under consideration by House lawmakers:
“Business Roundtable is deeply concerned by the revenue measures released by Ways and Means Democrats to fund reconciliation legislation,” said Business Roundtable President & CEO Joshua Bolten. “These measures would put millions of American jobs at risk, stunt wage growth, suppress business investment and innovation and once again make American companies more susceptible to foreign takeovers. This proposal would result in a tax increase on America’s employers of nearly $1 trillion, nearly three times the net tax cut businesses received from the 2017 tax reforms, hurting American job creators with the second highest tax rate in the developed world. It would also further increase the GILTI tax burden before any of America’s competitors follow suit, leaving globally engaged American companies significantly disadvantaged at home and abroad.
“Make no mistake, these policies are a step backward for the U.S. economy that will harm all Americans—not just corporations and the wealthy. We urge the members of the Ways and Means Committee and the broader House of Representatives to stand up for American businesses and workers and reject these anti-competitive tax policies.”