The top executive of Procter & Gamble will take corporate America's case for a lower tax rate to U.S. lawmakers on Thursday, and also call for an end to taxation of foreign-earned profits.
Multinational companies say the top 35 percent corporate tax rate hamstrings them competitively against foreign-based rivals, most of whom are subject to far lower rates.
The House of Representatives Ways and Means Committee hearing, the first in a series expected in Congress this year on simplifying the U.S. tax code, gives them a chance to press their case.
"If we are handicapped by an uncompetitive corporate tax system, we will slow the growth of the U.S. economy to the benefit of our competitors," Procter & Gamble Chief Executive Robert McDonald will tell the tax-writing lawmakers, according to prepared remarks for the panel.
McDonald is speaking on behalf of the Business Roundtable, a lobbying group composed of big corporations. The Chamber of Commerce has also submitted testimony calling for similar tax changes.
CANADA'S AND DENMARK'S ARE LOWER.
TO BECOME COMPETITIVE AGAIN, WE MUST LOWER IT AND THE SOONER THE BETTER.