Automakers and suppliers called on Congress on Wednesday to complete corporate tax reform, as a House committee celebrated the auto industry's turnaround.
"The United States has the highest corporate tax rate among developed countries. A lower rate frees up capital that can be reinvested in new products, technologies and manufacturing innovation," Joe Hinrichs, president of Ford Motor Co.'s Americas unit, said in testimony before the House Energy and Commerce's panel on commerce, manufacturing and trade. "What we want is a lower tax rate so we can reinvest."
Rep. Lee Terry, R-Nebraska, who chairs the panel that held the hearing, said Congress should look at ways of convincing automakers to locate more jobs here.
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