Business Roundtable Favors Balanced Fiscal Cliff Solution
Business Roundtable Favors Balanced Fiscal Cliff Solution
- Institutional AuthorsBusiness Roundtable
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2012-25437
- Tax Analysts Electronic Citation2012 TNT 239-30
December 11, 2012
The Honorable Harry Reid
Majority Leader
United States Senate
Washington, DC 20515
The Honorable John Boehner
Speaker
U.S. House of Representatives
Washington, DC 20510
The Honorable Mitch McConnell
Minority Leader
United States Senate
Washington, DC 20510
The Honorable Nancy Pelosi
Minority Leader
U.S. House of Representatives
Washington, DC 20515
Dear Leader Reid, Speaker Boehner, Senator McConnell and Representative Pelosi:
As CEOs of companies representing more than $7.3 trillion in annual revenues and more than 16 million employees, we write to express our belief that the United States will suffer significant negative economic, employment, and social consequences for going over the fiscal cliff. In many cases the damage will be long-lasting, if not permanent. But it does not have to happen.
We urge you to step forward and demonstrate that principled compromise is once again possible and that the American political system that underpinned the economic success of our nation and others can function as designed. For far too long, political paralysis has fueled global uncertainty that discourages businesses from investing and hiring new workers. This paralysis must come to an end, and in a way that resists the temptation to declare winners and losers.
We pledge our active support for a compromise that includes comprehensive and meaningful tax and entitlement reforms that result in market-credible spending reductions and revenue growth. The deal should be a balanced solution to the fiscal cliff and long-term deficit and debt issues. To address these challenges with the scale of response required, no options should be precluded from a potential solution.
Compromise will require Congress to agree on more revenue -- whether by increasing rates, eliminating deductions, or some combination thereof -- and the administration to agree to larger, meaningful structural and benefit entitlement reforms and spending reductions that are a fiscally responsible multiple of increased revenues. By initiating these reforms simultaneously, and without undermining the broader reforms both parties believe should be pursued, you can rebuild the trust needed for our political system to function and the confidence needed for businesses to invest in new factories, equipment, and employees.
For most of our careers, the American system of governance earned global respect and emulation. Politicians put aside partisan rancor and ideological purity to deal with major challenges. This was a significant asset for the country, a source of confidence with respect to investment, trade, and commerce.
This hard won asset has been tarnished over time, albeit unintentionally.
You now have an opportunity to turn political swords into governing plowshares. This opportunity must not be squandered. The U.S. economy has been stalled on the road to greater prosperity. We believe it is primed for strong and sustained expansion. American businesses know how to create jobs and compete in a diverse global market. We are poised and ready to do so if the conditions for growth are set in a comprehensive agreement on the fiscal cliff.
When all is said and done Americans are interested in solutions. Winston Churchill once said that "Americans can be counted on to do the right thing after exhausting all other alternatives." We just need to do so before it is too late.
W. James McNerney, Jr.
Chairman, President and CEO
The Boeing Company
David M. Cote
Chairman and Chief Executive
Officer
Honeywell International, Inc.
Andrew N. Liveris
Chairman & CEO
The Dow Chemical Company
Robert A. McDonald
Chairman of the Board, President
and CEO
The Procter & Gamble Company
Members of the 112th Congress
Paul W. Jones
Chairman & CEO
A. O. Smith Corporation
Enrique O. Santacana
President and CEO
ABB Inc.
Miles D. White
Chairman & Chief Executive Officer
Abbott
Evan G. Greenberg
Chairman & CEO
ACE Group
Andrés R. Gluski
President and CEO
AES Corporation
Mark T. Bertolini
Chairman, Chief Executive Officer
and President
Aetna Inc.
Martin Richenhagen
CEO, Chairman and President
AGCO
James L. Wainscott
Chairman, President & CEO
AK Steel Corporation
Klaus Kleinfeld
Chairman & CEO
Alcoa
Lee Styslinger III
Chairman & Chief Executive Officer
Altec, Inc.
Kenneth Chenault
Chairman & CEO
American Express
James G. Carlson
Chairman, President and CEO
Amerigroup
James M. Cracchiolo
Chairman and Chief Executive Officer
Ameriprise Financial
G. Steven Farris
Chairman & CEO
Apache Corporation
John Eaves
President & CEO
Arch Coal, Inc.
Randall L. Stephenson
Chairman & CEO
AT&T Inc.
Carlos Rodriguez
President & CEO
ADP
Dean A. Scarborough
Chairman, President & CEO
Avery Dennison Corporation
Ronald L. Nelson
Chairman & CEO
Avis Budget Group
John A. Hayes
President and CEO
Ball Corporation
Brian Moynihan
CEO
Bank of America
Brent Saunders
President & CEO
Bausch & Lomb Incorporated
Marijn E. Dekkers
CEO Bayer AG
Bayer AG
Riley P. Bechtel
Chairman and Chief Executive Officer
Bechtel Group, Inc.
Laurence D. Fink
Chairman and Chief Executive Officer
BlackRock
Matthew K. Rose
Chairman & CEO
BNSF Railway
Timothy M. Manganello
Chairman and Chief Executive Officer
BorgWarner Inc.
Tom Schievelbein
Chairman, President and CEO
Brinks Company
Maurice R. Greenberg
Chairman & CEO
C. V. Starr & Co., Inc.
Gary W. Loveman
Chairman, President & CEO
Caesars Entertainment
Denise M. Morrison
President and Chief Executive Officer
Campbell Soup Company
George S. Barrett
Chairman and CEO
Cardinal Health
Doug Oberhelman
Chairman and CEO
Caterpillar Inc.
Robert Sulentic
President and CEO
CBRE, Inc.
Stephen R. Wilson
Chairman and CEO
CF Industries Holdings, Inc.
Lee A. McIntire
CEO
CH2M HILL Companies, LTD.
Aubrey K. McClendon
CEO
Chesapeake Energy Corporation
David M. Cordani
President & Chief Executive Officer
Cigna Corporation
Michael Corbat
CEO
Citigroup Inc.
Francisco D'Souza
CEO
Cognizant
Brian L. Roberts
Chairman
Comcast Corporation
Andrea J. Ayers
President and CEO
Convergys Corporation
Wendell Weeks
Chairman & CEO
Corning Incorporated
Eric C. Fast
President and Chief Executive Officer
Crane Co.
J. Michael Lawrie
President & Chief Executive Officer
CSC
Michael Ward
Chairman, President and CEO
CSX
Tom Linebarger
Chairman and Chief Executive Officer
Cummins Inc.
Larry Merlo
President & CEO
CVS Caremark
Clarence Otis
Chairman and Chief Executive Officer
Darden
Kent J. Thiry
Chairman & CEO
DaVita HealthCare Partners Inc
Samuel R. Allen
Chairman & C.E.O.
Deere & Company
Michael Dell
Chairman and CEO
Dell Inc.
Michael D White
Chairman & CEO
DIRECTV, Inc.
James E. Rogers
Chairman, President & CEO
Duke Energy Corporation
Ellen Kullman
Chair of the Board & CEO
DuPont Company
James P. Rogers
Chairman & CEO
Eastman Chemical Company
Alexander M. Cutler
Chairman and CEO
Eaton Corporation PLC
John C. Lechleiter
Chairman, President and CEO
Eli Lilly and Company
Joseph M. Tucci
Chairman and CEO
EMC Corporation
David F. Melcher
CEO and President
Exelis Inc.
George Paz
Chairman & CEO
Express Scripts Holding, Inc.
Rex W. Tillerson
Chairman and CEO
Exxon Mobil Corporation
Frederick W. Smith
Chairman & CEO
FedEx Corporation
William L. McComb
Chief Executive Officer
Fifth & Pacific Companies, Inc.
James A. Hughes
Chief Executive Officer
First Solar
David T. Seaton
Chairman and Chief Executive Officer
Fluor Corporation
Pierre Brondeau
Chairman, President and CEO
FMC Corporation
Richard C. Adkerson
President and CEO
Freeport-McMoRan Copper & Gold
Maggie Wilderotter
Chairman & CEO
Frontier Communications Corporation
Gracia Martore
President and CEO
Gannett
Jeffrey R. Immelt
Chairman & CEO
General Electric Company
Lloyd C. Blankfein
Chairman & CEO
The Goldman Sachs Group, Inc.
James T. Ryan
Chairman, President, and CEO
W.W. Grainger, Inc.
Stephen Chipman
Chief Executive Officer
Grant Thornton LLP
Dinesh C. Paliwal
Chairman, President & CEO
Harman International Industries, Inc.
William M. Brown
President and Chief Executive Officer
Harris Corporation
Liam E. McGee
Chairman, President & CEO
The Hartford
Brian Goldner
President & CEO
Hasbro, Inc.
Mark P. Frissora
Chairman & CEO
Hertz Global Holdings, Inc.
Michael McCallister
Chairman & CEO
Humana Inc.
Mike Lamach
President and Chief Executive Officer
Ingersoll Rand
John Faraci
Chairman and CEO
International Paper
Joseph L. Welch
Chairman, President and CEO
ITC Holdings Corp.
Denise Ramos
Chief Executive Officer and President
ITT Corporation
Alex Gorsky
Chief Executive Officer
Johnson & Johnson
Stephen A. Roell
Chairman and CEO
Johnson Controls, Inc.
Jamie Dimon
Chairman and Chief Executive Officer
JPMorgan Chase & Co
Carl Camden
President & CEO
Kelly Services, Inc.
Paul J. Diaz
Chief Executive Officer
Kindred Healthcare
John B. Veihmeyer
Chairman and CEO
KPMG
David H. Long
President & CEO
Liberty Mutual Insurance Group
Clarence P. Cazalot Jr.
Chairman, President & CEO
Marathon Oil Corporation
Roger W. Crandall
Chairman, President & CEO
MassMutual Financial Group
Ajay Banga
President & CEO
MasterCard
Stephen M. Johnson
Chairman of the Board, President
and Chief Executive Officer
McDermott International, Inc.
Harold McGraw III
Chairman, President and Chief
Executive Officer
The McGraw-Hill Companies
John Hammergren
Chairman and CEO
McKesson Corporation
Omar Ishrak
Chairman & CEO
Medtronic, Inc.
Kenneth C. Frazier
Chairman, President & CEO
Merck
Steve Lacy
Chairman & CEO
Meredith Corporation
Chip McClure
Chairman, CEO and President
Meritor, Inc.
Robert Greifeld
Chief Executive Officer
NASDAQ OMX
Thomas C. Nelson
Chairman, President & CEO
National Gypsum Company
Lewis B. Campbell
Chairman and CEO
Navistar
James L. Robo
President and Chief Executive Officer
NextEra Energy, Inc.
Charles W. Moorman
Chairman, President and CEO
Norfolk Southern Corp.
Wes Bush
Chairman, CEO & President
Northrop Grumman Corporation
Dan DiMicco
Chairman and CEO
Nucor Corporation
Michael H. Thaman
Chairman and CEO
Owens Corning
Indra Nooyi
Chairman and CEO
PepsiCo
Ian C. Read
Chairman & CEO
Pfizer
Anthony F. Earley, Jr.
Chairman, CEO & President
PG&E Corp.
Greg C. Garland
Chairman and CEO
Phillips 66
Steve Angel
Chairman and CEO
Praxair Inc.
Dennis M. Nally
Global Chairman
PricewaterhouseCoopers
International Limited
Larry Zimpleman
Chairman, President and CEO
Principal Financial Group
Paul E. Jacobs
Chairman and CEO
Qualcomm Incorporated
Thomas J. Quinlan III
President and Chief Executive Officer
R R Donnelley
Richard A. Smith
Chairman, CEO and President
Realogy Holdings Corp
Keith D. Nosbusch
Chairman and CEO
Rockwell Automation
Clayton M. Jones
Chairman & Chief Executive Officer
Rockwell Collins
Gregory T. Swienton
Chairman & CEO
Ryder System, Inc.
Christopher A. Viehbacher
Chief Executive Officer
Sanofi
Bill McDermott
Co-CEO and Executive Board Member
SAP AG
Jim Goodnight
CEO
SAS
William V. Hickey
Chairman and CEO
Sealed Air Corporation
Eric A. Spiegel
President and CEO
Siemens Corporation
John F. Lundgren
President and CEO
Stanley Black & Decker, Inc.
Edward B. Rust Jr.
Chairman and CEO
State Farm Insurance Companies
John F. Fish
Chief Executive Officer
Suffolk Construction Company
Russ Fradin
President & CEO
SunGard
Gregg Steinhafel
Chairman, President and CEO
Target Corporation
Trevor Fetter
President and CEO
Tenet Healthcare Corporation
Gregg Sherrill
Chairman & CEO
Tenneco Inc.
Scott C. Donnelly
Chairman & CEO
Textron Inc.
Glenn A. Britt
Chairman & CEO
Time Warner Cable
Jerry I. Speyer
Chairman and Co-CEO
Tishman Speyer
Russ Girling
President & CEO
TransCanada Corporation
George R. Oliver
Chief Executive Officer
Tyco
Jay S. Fishman
Chairman and CEO
The Travelers Companies
Louis R. Chênevert
Chairman & CEO
United Technologies Corporation
Alan B. Miller
Chairman, Chief Executive Officer
Universal Health Services, Inc.
Lowell C. McAdam
Chairman & Chief Executive Officer
Verizon Communications
Philippe Dauman
President and CEO
Viacom Inc.
Charles W. Scharf
Chief Executive Officer
Visa Inc
Michael Duke
President and CEO
Wal-Mart Stores, Inc.
John Cannon
Interim President & CEO
WellPoint, Inc.
John J. Engel
Chairman, President & CEO
WESCO International, Inc.
Daniel S. Fulton
President & CEO
Weyerhaeuser Company
Jeff M. Fettig
Chairman & CEO
Whirlpool Corporation
Alan S. Armstrong
President & CEO
The Williams Companies
Jeffery R. Gardner
President and CEO
Windstream Corporation
Michael J. Kasbar
President & CEO
World Fuel Services Corporation
Stephen P. Holmes
Chairman & CEO
Wyndham Worldwide Corporation
Ursula M. Burns
Chairman and Chief Executive Officer
Xerox Corporation
- Institutional AuthorsBusiness Roundtable
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2012-25437
- Tax Analysts Electronic Citation2012 TNT 239-30