Today, Congressman Peter Roskam (IL-06), a member of the Ways and Means Committee and co-leader of the Manufacturing Working Group, hosted a manufacturing roundtable with over 40 CEOs, presidents and local businessmen on how to reform our tax code and ensure globally competitive tax rates that will create American jobs and grow our economy.
"As the country with the largest manufacturing industry in the world, we must maintain a tax code that is up-to-date, comprehensive and competitive. That's why the Ways and Means Committee is committed to reforming the tax code this year," said Roskam. "As a member of the Manufacturing Working Group, I am focused on promoting a pro-manufacturing tax code that helps the U.S. gain momentum to become more globally competitive, draw new business and create more American jobs. My district relies heavily on manufacturing for jobs and economic strength. Today's roundtable has provided me with constructive feedback that I can take back to Washington."
"The ultimate goal of tax reform must be to achieve a system that is globally competitive, simple, and transparent for all American businesses," said Jim Zrust, Boeing's Vice President of Tax. "This would be a win for taxpayers, businesses and the government."
"If Congress could do one thing, we need predictability and stability," said Rick Delawder, President of SWD Inc. "It's very difficult to plan when the rules are so dynamic. This stifles business leaders from calculated risk taking which translates into stagnant economic growth. We oppose any effort that provides for corporate-only tax reform. Nearly two-thirds of manufacturers are organized as "flow through' entities like Subchapter S Corps, LLCs, Partnerships, and they pay taxes at the individual rate. Any tax reform should apply equally to all businesses. Our great country has continued to prosper on the backs of small business. Don't forget us, as the much needed tax reforms evolve."
"In order to fully unleash the economic power of manufacturing, Washington needs to implement pro-growth tax reform that will allow manufacturers to lead the recovery we need," said Dorothy Coleman, Vice President of Tax and Domestic Economic Policy at the National Association of Manufacturers. "As a co-chair of the Ways & Means Manufacturing Tax Reform working group, Congressman Roskam has been a strong advocate for manufacturing. Manufacturers welcome the opportunity to share our priorities and appreciate Congressman Roskam's focus on policies that will lead to a true manufacturing resurgence."
Recently, Congressman Roskam spoke at a RATE Coalition event on the release of an Ernst & Young study showing that without tax reform the U.S. economy will stand still while other nations grow and become more attractive to new business. Click here to view the Ernst & Young study, and here to watch the Congressman's remarks.