Business Roundtable: Tax Code Cost US Firms $510 Billion in M&A Market

The U.S. lost $510 billion in business assets that were acquired by foreign companies from 2004 to 2016 in part because its corporate income tax rate exceeds other countries’, according to a study released Tuesday by a group of top U.S. business leaders.

Cutting the U.S. corporate rate to 20 percent from the current 35 percent would have meant a net gain of $1.2 trillion in such assets and would have kept 4,700 companies in America over that period, said the study from the Business Roundtable, a group of chief executive officers from dozens of corporations. The group includes the heads of Apple Inc., JPMorgan Chase & Co., Exxon Mobil Corp., Boeing Co. and others.

The study, which was conducted for the group by accounting firm EY, comes as the Washington-based lobbying group is pushing for Congress to overhaul the U.S. tax code — with a focus on reducing the

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