Business leaders testified before the House Ways and Means Committee Thursday about the need for permanent, comprehensive tax reform that will generate investments and economic growth.
“I was encouraged that they held these hearings today. It’s great that the House is taking this up. But what I talked about was the need for permanent comprehensive tax reform that lowers the rate to fix the territoriality system and simplifies the entire system and with reforms like this we’re going to see investment, we’re going to see growth,” said S&P Global CEO Doug Peterson during an interview on FOX Business.
Lawmakers in Washington are pushing for tax reform legislation that stimulates the economy and creates jobs, while putting the U.S. on a level playing field with the world’s most competitive countries.
“We want a tax code built for growth. Literally designed to grow jobs, grow paychecks and grow the U.S. economy,” said House Ways and Means Committee Chairman Rep. Kevin Brady, R-Texas, during the hearing on tax reform.
Peterson said the complexity of the tax code and high rates hurt both small and large businesses.
“Small businesses are our customers, they are our suppliers and they will also benefit tremendously from lower rates as well as a more simplified system,” he said.
The S&P Global CEO expects tax reform to go through a very complex process and is hopeful that Congress will fix the current system.
“We heard today from both the Democrats and the Republicans that they understand the need for simplicity, for lower rates and that’s something we need start using to get something done,” Peterson said.
When asked when he expects Congress to pass tax reform legislation, Peterson said, “by the end of the year.”