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Submission to House Committee on Ways and Means Tax Reform Working Groups

The Business Roundtable supports comprehensive tax reform of both the individual and corporate income tax systems to improve economic growth and provide for a simpler and more efficient tax system. The Business Roundtable commends the ongoing tax reform efforts of the Ways and Means Committee, led by Chairman Dave Camp (R-MI) and ranking member Sander Levin (D- MI); the Senate Finance Committee, led by Chairman Max Baucus (D-MT) and ranking member Orrin Hatch (R-UT); and the Administration led by President Barack Obama and Treasury Secretary Jack Lew.

Based on the expertise of Business Roundtable CEOs, this primer on tax reform is limited to an analysis of the corporate income tax system and the changes needed to update the corporate income tax to allow American companies to be competitive in markets both at home and abroad and return economic growth and job creation to the United States. The Business Roundtable supports corporate tax reform that is revenue neutral within the corporate sector, thereby ensuring that any reforms to the corporate tax system are financed strictly through broadening of the corporate income tax base. Given the need for the U.S. tax system to be competitive with the tax systems of our major competitors, all corporate revenues from base-broadening measures and loophole closing should be used only for corporate reform.

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