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Business Roundtable Statement on Senate Vote to Raise Taxes on Worldwide American Companies

Washington – “Business Roundtable criticizes the Senate for voting to raise nearly $10 billion in new taxes on U.S. companies with overseas business operations. Keeping American companies and workers competitive should be the number one goal of U.S. tax policy. However, today’s Senate vote only adds to the growing disparity between the tax policies of the United States and most other major world economies.

“The United States already has the second highest corporate tax rate among developed countries. Further raising these taxes will make America’s largest employers less competitive, which will undermine U.S. economic growth and job creation.

“Our economy is at a critical juncture. Worldwide American companies have historically played a vital role in fueling the expansions that followed recessions and have contributed 31 percent of real GDP growth and 41 percent of U.S. labor productivity gains since 1990.

“We urge the House of Representatives to reject the counterproductive tax hikes and instead begin a bipartisan conversation on comprehensive tax reform,” said Johanna Schneider, Executive Director, External Relations of Business Roundtable.

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