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Senate Committee Examines Lowering Corporate Tax Rate
Duke also noted that foreign competitors pay less in corporate income taxes than their American counterparts. Kimberly-Clark Chairman and CEO Thomas Falk agreed that the U.S. tax code puts American multinationals at a disadvantage.
“The combination of a high statutory tax rate, taxation of worldwide earnings, and the complexity of our tax rules creates an uncompetitive tax environment for U.S.-based companies and discourages investment in the U.S. economy,” he said.
Senate Finance Committee Chairman Max Baucus (D-Mont.) said that the tax code needed improvement to help preserve well-paying jobs in the United States.
“We need to work to improve the tax code to help U.S. businesses create good-paying jobs here at home and better compete in the global economy,” Baucus said. “Americans deserve a tax code that helps get them back to work and spurs widespread prosperity and growth.”
LAST UPDATED 8/3/2011