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| What America’s Business Leaders Are Saying About the Benefits of Pro-Growth Tax Policies
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| As the Senate works to extend and strengthen tax reform, America's business leaders are spotlighting how pro-growth tax policies will help increase economic growth, domestic investment and job creation.
Here’s what CEOs of some of America’s largest companies are saying about the benefits of a competitive business tax system:
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| Investing in American Innovation
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| Chuck Robbins, Chair and CEO, Cisco, and Chair, Business Roundtable: “By preserving a competitive rate, retaining FDII, and restoring immediate R&D expensing, this bill will strengthen America’s pro-growth tax system — allowing U.S. companies to better innovate and invest at home.” (X post, May 19, 2025)
Michael Dell, Chairman and CEO, Dell Technologies: “Innovation thrives on investment in R&D. Excited to see Congress taking action to reinstate full expensing for R&D — an essential step in keeping the U.S. at the forefront of global leadership.” (X post, May 20, 2025)
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| Jamie Dimon, Chairman and CEO, JPMorganChase: “Increasing consistency, keeping the tax rates going that allow business to invest, small business to large business, is really important for growth. And if you go back to the bill in 2017, it brought back trillions of dollars to the United States. It created a lot of jobs, it created a lot of growth.” (JPMorganChase, May 30, 2025)
“In the year following [TCJA’s] enactment, we saw GDP growth of 3% and a 20% increase in domestic investment for affected firms. Corporate taxes paid have risen to record levels — not because the tax burden on corporations was increased, but because corporations were more profitable; they were doing more business, hiring more people, making more investments. None of this would have been possible without a competitive corporate tax rate.” (JPMorganChase, April 7, 2025)
Chris Peterson, President and CEO, Newell Brands: “Over the past few years, as a direct result of the 2017 Tax Cuts and Jobs Act, we’ve insourced a lot of our manufacturing capability. We’ve invested close to $2 billion in capital into the United States, which has benefited our frontline workers, our employees and the communities in which we operate in the U.S.” (Newell Brands, May 15, 2025)
John Stankey, President and CEO, AT&T: “Prior to the passage of TCJA, we typically would invest about 15% of our revenues back in the business annually … Since the passage of TCJA, that number is up about $4 billion a year.” (AT&T, May 14, 2025)
Joaquin Duato, Chairman and CEO, Johnson & Johnson: “Since President Trump’s 2017 tax reform, investment in manufacturing … has significantly increased. And when you think about our recent announcement of investing $55 billion over the next four years, … essentially all our advanced medicines that are used in the U.S. will be manufactured in the U.S. So, tax policy is a very effective tool to be able to build manufacturing capacity here in the U.S.” (Johnson & Johnson, April 15, 2025)
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| Creating Opportunities for Workers
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| Jon Moeller, Chairman, President and CEO, The Procter & Gamble Company, and Chair, Business Roundtable Tax and Fiscal Policy Committee: “[The 2017 tax reform] lowered rates significantly and increased the attractiveness of investment in the U.S. We’ve spent $10 billion on manufacturing capital. We’ve added 6,000 people. And we’ve increased the starting wage by 30%.” (Yahoo Finance, April 24, 2025)
David Ricks, Chair and CEO, Eli Lilly and Company: “The Tax Cuts and Jobs Act legislation passed in 2017 during President Trump’s first term in office has been foundational to Lilly’s domestic manufacturing investments, and it is essential that these policies are extended this year. We believe that our investments in America and upskilling our nation’s workforce will spark a significant ripple effect. For every job we create, many more will be generated, positively impacting the communities that host our innovative new sites.” (Lilly, February 26, 2025)
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| Here’s what other companies are saying:
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| Comcast: “We applaud Chairman Smith and the House Ways & Means Committee for advancing their comprehensive tax reform package, which would enable American companies like Comcast to continue supporting tens of thousands of jobs and invest billions of dollars in state-of-the-art infrastructure. We urge the House to pass this legislation quickly.” (Comcast, May 14, 2025)
Merck: “Since the advent of the 2017 Tax Cuts and Jobs Act, Merck has allocated more than $12 billion to enhance our domestic manufacturing and research capabilities, with additional planned investments of more than $9 billion over the next four years” (Merck, April 29, 2025)
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Business Roundtable urges the Senate to pass a competitive, pro-growth tax package.
For more information, visit brt.org/ExtendTCJA.
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Business Roundtable is an association of more than 200 chief executive officers (CEOs) of America’s leading companies, representing every sector of the U.S. economy. Business Roundtable CEOs lead U.S.-based companies that support one in four American jobs and almost a quarter of U.S. GDP. Through CEO-led policy committees, Business Roundtable members develop and advocate directly for policies to promote a thriving U.S. economy and expanded opportunity for all Americans.
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