The business roundtable leaders are planning to invest in a six figures campaign to convince lawmakers to decrease top corporate tax from 35 percent to 25 percent. This lobbying coalition of business leaders is in favor of a territorial tax system. What can expect from this coalition? They are hoping that this change in the tax system can help the U.S. companies compete against foreign competitors. Business Roundtable argues on its website that “It’s time we unlock potential for domestic investment by transitioning from the uncompetitive ‘worldwide system’ to a ‘territorial system’ that will promote growth and jobs in the U.S.” The territorial tax system consists of businesses putting money overseas and paying taxes to the country where the money is parked. One of the main concerns with the current tax system is that American-based multinational companies have reported to stash large sums of money overseas, so that they do not have to pay U.S. taxes.
Picture taken by Horasis