DETROIT, Mich. — Business Leaders for Michigan today lauded the House’s tax reform legislation, which includes a provision to lower the corporate tax rate.
“The U.S. has the highest corporate tax rate in the world. Anything we can do to lower that rate will put dollars directly into the American economy and create new jobs,” said Patrick Doyle, BLM board chair and president and CEO of Domino’s. “We are very pleased to see the House bill include a corporate rate of 20 percent,” added Doyle.
Doug DeVos, chair of BLM’s federal issues committee and president of Amway, concurred.
“We appreciate House Speaker Paul Ryan’s leadership and the bold action taken by Congressional leaders today in introducing this legislation,” DeVos said. “While we still need to review the details of the bill, this is an important step and we look forward to working with members of Congress and the Administration to enact meaningful tax reform this year.”
During recent Congressional meetings in Washington, BLM member companies discussed the importance of reforming the corporate tax code for increased economic growth and capital investment in Michigan.
BLM’s recommended federal tax reform policies would accomplish the following:
- Set the corporate tax rate at 25 percent or less.
- Eliminate additional taxation of U.S. corporate foreign earnings.
- Simplify and reform the federal corporate tax code in a fiscally responsible manner.
- Make tax reform permanent to support long-term business decisions and commitments that allow for capital investment.