One Reason Big Business Cares About the Deficit
A coalition of more than 100 big company CEOs have signed onto the “Campaign to Fix the Debt”. The CEO’s represented companies from many different sectors of bushiness with different political interests and presidential candidates that they fund. The companies may have their differences but they all agree on one thing: the U.S. business tax code needs to change. The tax allows for the government to tax corporate profits at a top rate of 35 percent to domestic and overseas profits. ┬áNot every corporation pays this high tax but the income brought in to the government by the tax accounts for 10 percent of the total federal revenues. The mission of the “Fix the Debt” coalition is to have the total levy on corporations to remain flat even if a revamped business tax regime means certain companies will pay more than they use to with the current text and some will pay less. According to the CEO’s, the deficit will not decrease without an increase in total tax revenues.

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