More than 25 U.S. companies have established a coalition to support a House bill that seeks to impose a 20 percent tax on imports and reduce income tax from 35 percent to 20 percent and exempt revenue from taxable income, Reuters reported Friday.
“American workers and businesses are not competing today on a level playing field with foreign competitors because of an outdated and unfair tax system,” John Gentzel, a spokesman for the coalition, said in a statement released Thursday.
Gentzel noted the American Made Coalition will work to advance the proposed House legislation that aims to reform the tax system in an effort to incite investment as well as support job creation efforts and U.S.-made products.
House Speaker Paul Ryan (R-Wisconsin) and House Means Committee Chairman Kevin Brady (R-Texas) introduced the tax reform proposal in the lower chamber.
The Tax Foundation said it expects the House tax reform bill to increase gross domestic product by 9.1 percent, create 1.7 million jobs and result in a 7.7 percent rise in wages.