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Business Roundtable Statement on President’s FY2014 Budget

Washington – Business Roundtable President John Engler made the following statement today on President Obama’s fiscal year 2014 budget.

“Business Roundtable is encouraged by the provisions of the President’s budget that recognize the need for entitlement reform and comprehensive tax reform. Business Roundtable CEOs have long advocated reforms in these two important areas.

“The move toward a chained CPI is an important step toward protecting Social Security and Medicare while bringing needed fiscal discipline to the federal budget. The proposal to expand means-testing would also strengthen Medicare’s viability and is consistent with Business Roundtable’s principles on entitlement reform.

“On taxation, Business Roundtable supports comprehensive tax reform that lowers the corporate rate while moving toward a modern and competitive international tax system as the best approach to boost economic growth. While we are encouraged by the President’s call for corporate tax reform, certain budget recommendations on taxes are not helpful.

“Bringing back international taxation proposals from prior budgets won’t help American companies succeed in markets at home and abroad. Changes to the way we tax business income should be considered only in the context of comprehensive tax reform. Singling out certain industries for taxation is bad tax policy and unnecessary given the growing support for overhauling our entire tax system. Business Roundtable is also troubled by proposed revenue increases that would affect small- and medium-sized business without offsetting rate reductions.”

To view Business Roundtable’s positions on entitlement reform and comprehensive tax reform, please visit www.brt.org.

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