NEW YORK Nov 21 The U.S. corporate tax rate
should be lowered to encourage global competitiveness, the chief
executive of conglomerate Honeywell said in an interview
on Thursday, days after a key U.S. senator proposed sweeping
changes to the tax code.
"If we want to be successful as a country, we need to be
participating" in countries with much of the globe's economic
growth, David Cote said in an interview. "If you put U.S.
companies at a disadvantage when they're competing in those
countries, we're making a huge mistake."
Cote, Honeywell's CEO since 2002, said the current U.S.
corporate tax rate of 35 percent is too high and should be
lowered to help his and other companies compete with rivals
around the world.
Democratic Sen. Max Baucus on Tuesday issued a "discussion
draft" - effectively a memo, not proposed legislation - that he
hopes would motivate U.S. multinationals to bring home billions
of dollars in profits already stored offshore at a low 20
percent tax rate.
The plan would also make taxation on some, but not all,
foreign profits compulsory.