WASHINGTON--(BUSINESS WIRE)--“The debt-reduction plan outlined by the bipartisan “Gang of Six” senators includes several of the principles necessary for tax reform and U.S. competitiveness, both of which are essential to improving the nation’s economy.
“By supporting lower corporate tax rates and moving toward a competitive territorial system of taxation, the senators’ plan identifies two specific elements of a comprehensive growth strategy we need to succeed in the highly competitive global marketplace.
“Business Roundtable continues to believe the nation’s debt limit must be raised because of spending decisions that have already been made. At the same time, we recognize that the nation’s fiscal health requires significant structural reforms not only of the tax code but of the budget, including entitlements.
“A technical default due to the failure to raise the debt limit is not an option, and the Gang of Six has made an important contribution to resolving the current impasse. America’s business leaders remain optimistic that Congress and the Administration will agree on a path forward that both avoids default in August and gets our fiscal house in order, beginning with next year’s budget,” said Business Roundtable President John Engler.
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders.
BRT companies give nearly $9 billion a year in combined charitable contributions.