“Business Roundtable CEOs have two key messages on the tax extenders legislation before Congress. First, it is critical to extend the tax provisions that expired in 2009; important incentives for job-creating research and development and patches to our international tax system that allow U.S. companies to compete abroad with their foreign-based competitors need to be restored as soon as possible.

“Second, member CEOs strongly urge Congress to reconsider the tax increases on international operations of U.S. companies proposed in the legislation currently before the House of Representatives. These tax increases would take us two steps backward in terms of job-creating legislation, and we need to move our economy forward to stay competitive with the rest of the world.

“Let’s be clear, worldwide American companies already face one of the highest corporate tax rates in the world and face more disadvantageous international tax rules than their foreign-headquartered competitors. These current tax disadvantages make our U.S. companies less competitive and harm the U.S. economy through slower growth and fewer U.S. jobs. The proposals currently before the House of Representatives would raise taxes even further on the foreign operations of U.S. companies, making American businesses even less competitive in global markets and will further slow the economy. The competitive disadvantage would be compounded even further since these tax increases are made retroactive, overturning years of judicial decisions and IRS regulations and practice.

“Business Roundtable CEOs believe we need to make the U.S. tax system more competitive with the rest of the world and want to engage with Congress on the kinds of reforms that would enhance U.S. economic growth and add high-wage jobs to the U.S. economy. But adding $14 billion in new taxes on a sector of the economy that contributes 63 million jobs, nearly half of U.S. exports and most of the productivity gains of the U.S. economy is exactly the wrong direction for this economy. We need to send a signal to the world that the United States is open for business – that we want more job-producing investments, not less.

“Business Roundtable CEOs urge Congress to seriously consider fundamental tax reforms to improve the competitiveness of the U.S. economy. The proposed tax extenders bill is not the appropriate place for ad hoc permanent international revenue increases. Let's drop these new international tax revenue-raisers from the legislation and pass the much needed tax extenders as soon as possible to move this economy forward,” said John J. Castellani, President and CEO of Business Roundtable.