At over 70,000 pages, the U.S. Tax Code is a monument to decades of tax policy run amok. It’s time to recognize we’re off track and modernize our Code for the 21st century’s indisputably global economy.
America has the highest corporate tax rate in the developed world. This leaves U.S. companies at a significant disadvantage vis-à-vis their foreign competitors.
The tax code should not choose winners and losers. With a low corporate tax rate and a broad tax base, America’s tax system will be both more transparent and more efficient, making it easier for companies to bring their products and services to market.
The highest rate in the world can sometimes mean moving the company abroad just to keep it alive. But a more efficient tax system will allow American companies to thrive where they were born.
A globally competitive corporate tax rate of 25% will finally allow the U.S. economy to reach its potential again, and economic growth is good for innovation and competition. As more companies seek to capture their share of the market, human capital is sure to be more valuable than ever.
RATE is a coalition of 34 companies and organizations advocating for sensible corporate tax reform. Making the tax code fairer and simpler will help spur job growth and stimulate the U.S. economy, and make us more competitive globally. RATE members currently include: Aetna, AT&T, Altria Client Services Inc., Association of American Railroads, Babcock & Wilcox, Boeing, Brown Forman, Capital One, Cox Enterprises, CVS Caremark, Edison Electric Institute, FedEx, Ford, General Dynamics, Home Depot, Intel, Kimberly-Clark, Liberty Media, Lockheed Martin, Macy’s, National Retail Federation, Nike, Northrup Grumman, Raytheon, Reynolds American, Southern Company, Time Warner Cable, T-Mobile, UPS, Verizon, Viacom, Walt Disney and Walmart. RATE members and affiliated companies represent over 30 million employees in all 50 states and support innumerable numbers of suppliers and small businesses.
More information about the coalition is available at www.RATEcoalition.com.