U.S. executives tell Congress they want permanent tax reform
Wall Street and corporate executives urged lawmakers on Thursday to pursue a permanent tax reform package that avoids expanding the federal deficit as a way to drive U.S. economic growth, investment and job creation, APA reports quoting Reuters.
At a hearing before the House of Representatives tax committee, businessmen including executives from AT&T Inc (T.N), Emerson Electric Co (EMR.N) and S&P Global Inc (SPGI.N), said business needs permanent reforms to enhance certainty for long-term investments that can expand markets, grow jobs and increase wages.
"I need a permanent tax rate and I need it for at least 10 years," said Emerson Chief Executive David Farr, who is also chairman of the National Association of Manufacturers, a powerful trade group with 14,000 members.
The endorsement of permanent policy changes could help House Republicans advance their revenue-neutral approach in a tax debate that has spawned calls for deficit-funded tax cuts that would have to expire after a decade under Senate rules.
The hearing, the first in a series to be held by the House Ways and Means Committee, was intended to show lawmakers moving forward on tax reform at a time of growing doubts about President Donald Trump's ability to overhaul the U.S. tax code this year.
Trump officials met this week with leaders from the House and Senate as part of an effort to agree on legislation that could pass Congress.
Trump and his fellow Republicans made passing what would be the first major tax reform bill since 1986 a central pledge of last year's presidential and congressional campaigns.
But Congress must first enact healthcare legislation. The Senate healthcare debate could drag on through the summer, leaving tax reform for late 2017 or early 2018. Failure could postpone tax reform for years.
The business executives' formula for business tax reform included permanent tax cuts; an end to taxation of foreign profits; immediate expensing for capital investments and strong research incentives.
Farr also said he backed Trump's 15 percent income tax rate for corporations, less than half of the current 35 percent.
Democrats blasted Republican reforms as benefiting the wealthy at the expense of the middle class and charged the white male executives with representing a narrow segment of America.
"Look at the panel. Just look. All white men. Where are the women? Where are the minorities?" said Congressman and civil rights leader John Lewis.
Related news releases
- 25.11.2017Trump names White House budget director Mulvaney acting head of consumer agency
- 25.11.2017Dollar near two-month low as strong economic data underpins euro
- 25.11.2017U.S. crude tops two-year high as Keystone outage hits supply
- 24.11.2017Argentine gov’t may dismiss navy head for missing sub
- 23.11.2017UN says ongoing Daesh threat needs to be annihilated
- 23.11.2017Anomalous methane-rich comet 45p could be key to understanding origins of life
- 23.11.2017Trump to meet congressional leaders next week on legislative issues -White House
- 23.11.2017Ex-Olympics doctor faces 25 to 40 years in prison
- 23.11.2017U.S. welcomes Hariri's return to Lebanon: State Department official
- 23.11.2017U.S. crude pares gains, but lingers near 2-year high
- 23.11.2017U.S. calls Myanmar moves against Rohingya 'ethnic cleansing'
- 22.11.2017Attorney general says bodyguard accidentally kills Mexican Televisa exec
- 22.11.2017US calls Turkish gov’t accusations of plot in Zarrab case ‘ridiculous’
- 22.11.2017US sanctions Chinese, North Korean entities
- 22.11.2017Colombia protests Venezuelan military crossing border
- 21.11.2017UK welcomes Mugabe's resignation
- 21.11.2017Trump and Putin spoke by phone
- 21.11.2017US, Afghan forces launch anti-poppy operation
- 21.11.2017Missing Argentine submarine had reported electrical malfunction
- 20.11.2017US re-designates N Korea state sponsor of terrorism
- 19.11.2017Trump calls 'crooked' Hillary Clinton 'worst and biggest loser of all time'
- 18.11.20179 injured in large fire atop 6-story apartment building in New York
- 18.11.2017Argentine submarine goes missing for two days, major search op underway
- 18.11.2017Canada, Mexico try more flexibility as key NAFTA round opens
- 17.11.2017US official: If Turkey buys Russian systems, they can’t plug into NATO tech
- 17.11.2017Turkish businessman Reza Zarrab escapes knife attack in U.S. prison
- 17.11.2017Canadian senator dies on parliamentary trip in Colombia
- 17.11.2017South Dakota Keystone pipeline shut down after oil spill
- 17.11.2017UN Security Council rejects Russian draft on Syria chemical probe
- 17.11.2017The impeachment of President Donald Trump has officially begun
- 17.11.2017Fed's Williams calls for global rethink of monetary policy
- 17.11.2017US House passes tax reform bill, sends measure to Senate
- 16.11.2017Trump urges U.N. council to renew Syria chemical arms inquiry
- 16.11.2017More worries in Congress over cuts at U.S. State Department
- 16.11.2017US Democrats enter new articles to impeach Trump
- 15.11.2017Planned talks between Venezuelan opposition, government will not take place
- 15.11.2017U.S. security officials arrive in Israel to discuss Syria agreement
- 15.11.2017US FDA approves first 'digital pill'
- 15.11.2017Death toll as a result of a gunman in California fired at school reached - UPDATED
- 15.11.2017De Mistura: Putin, Trump create qualitatively new situation in Syrian settlement
- 19.05.2017Fox News founder dies at 77
- 19.05.2017Democrats predict a Trump sellout on NAFTA
- 19.05.2017US sends second aircraft carrier to Korea after DPRK’s missile test
- 19.05.2017Trump: "I never asked Comey to close Flynn probe"
- 18.05.2017Trump calls special counsel Russia probe 'greatest witch hunt' in U.S. history
- 18.05.2017Brazilian Supreme Court Authorizes opening of investigation against President