The Business Roundtable has launched a lobbying campaign on behalf of chief executives aimed at reducing the corporate tax rate to 25 percent and limiting taxes on offshore income, according to a report Tuesday in
The Hill newspaper.
Saying the current tax system hinders economic growth, Business Roundtable President John Engler said American businesses remain at a disadvantage in the world marketplace.
"Business leaders believe the U.S. economy will never get healthy unless we modernize our tax system," said Engler, a former Republican governor of Michigan.
The Roundtable plans to spend a six-figure sum on its lobbying effort, including print and digital outreach. The campaign calls for lowering the corporate tax rate from its current 35 percent to 25 percent, matching the marker set by GOP House Ways and Means Chairman Dave Camp.
The group is also calling for revenue-neutral corporate tax reform, and for the modification of the current territorial system, which would protect offshore corporate income.
The proposals could eliminate many popular tax breaks, but Engler said major corporations would be willing to pay more in exchange for a simpler tax code.
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