U.S. businesses are turning out to be one of the White House’s strongest allies when it comes to supporting President Donald Trump’s long-awaited tax reform overhaul.
Two of the chief tax reform bill writers, House Speaker Paul Ryan (R-Wis.) and House Ways and Means Committee Chair Rep. Kevin Brady (R-Texas), are visiting businesses around the country this week in an effort to promote the tax reform push, set to begin when lawmakers return from August recess. And their appeals have fallen upon receptive ears.
Here’s what some of America’s biggest companies have to say about GOP efforts to garner national support for a pro-growth tax reform overhaul:
Rep. Brady visited AT&T’s (NYSE:T) employees and executives on Wednesday, which the company viewed as an “important” means for workers to understand the potential benefits of comprehensive tax reform.
“We are looking forward to hosting Chairman Brady for this important discussion of pro-growth tax reform,” AT&T said. “We employ a workforce of more than 250,000 people and have a long history of investing in this country – $140 billion into the U.S. economy from 2012-2016, more than any other public company. As such, the event will be educational for our employees to better understand this effort’s impact on job creation, economic growth and U.S. competitiveness.”
AT&T CEO Randall Stephenson has attended roundtables at the White House, saying earlier this summer that companies would be willing to invest more in the U.S. if Trump completed tax reform this year.
Boeing (NYSE:BA) CEO Dennis Muilenburg has worked with President Trump at the White House, as a former member of the president’s now-disbanded manufacturing council. Despite divisions within the GOP over other issues, including health care, Boeing said in a statement on Wednesday that it was heartened by the announcement last month that Congressional leaders and the White House had agreed upon a set of core tax reform principles.
“Boeing supports comprehensive tax reform proposals that encourage companies to invest and locate quality jobs and manufacturing in the U.S. and that will raise the standard of living for all Americans and grow the U.S. economy. We are encouraged by the statement released by the administration and Congressional leadership prior to the August recess. The alignment between the House, the Senate and the White House is increasing momentum for Congressional action on a once-in-a-generation opportunity to enact meaningful tax reform that would help our company and our workforce.”
UPS (NYSE:UPS) is one of the businesses pushing for tax reform in order to level the playing field for American businesses. In a statement sent to FOX Business Wednesday, the company even suggested other companies and lawmakers should align with the White House’s goals.
“UPS supports tax reform because we believe it will stimulate the economy, create jobs and provide a globally competitive tax structure for U.S. companies. Tax reform is one of the single most important things this Congress and administration can do for American competitiveness, as it will spur growth and accelerate investment in the economy. We are pleased with the current focus on tax reform and encourage other businesses and Congress to align around this important effort.
Intel (NASDAQ:INTC) CEO Brian Krzanich was one of the first CEOs to resign from Trump’s manufacturing council in the wake of the president's response to the protests in Charlottesville, Virginia. Krzanich denounced the politicization of “nearly every issue.”
One issue, however, that Intel has unequivocally gotten on board with is tax reform as it seeks to help rebuild the U.S. manufacturing sector.
Intel said it was pleased to host Speaker Ryan on Wednesday and to share ideas with him.
“As a major American high technology manufacturer, Intel strongly supports pro-growth tax reform that encourages manufacturing in the U.S. and would make American companies more competitive globally,” the company said in a statement to FOX Business.