Midland, MI - February 26, 2014
The U.S. corporate tax has not been significantly updated since 1986. Since then, all OECD countries have significantly reduced their corporate tax rates and within the OECD, the U.S. currently has the highest statutory tax rate. The Dow Chemical Company has long supported efforts to reduce the U.S. corporate tax rate and to adopt a competitive international tax system.
Because of this, Dow commends Chairman Dave Camp's decision to release a draft comprehensive tax reform proposal that achieves these important goals. While we are still reviewing the details of the proposal, we support the 25 percent corporate tax rate and the effort to update and make the federal tax on U.S. company foreign earnings more competitive. In addition, we also strongly support the preservation of the existing incentive for research and development activities in the U.S. We look forward to future discussions with the Ways and Means staff on this important legislation to further the tax reform effort.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from the intersection of chemical, physical and biological sciences to help address many of the world's most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow's integrated, market-driven, industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high growth sectors such as packaging, electronics, water, coatings and agriculture. In 2013, Dow had annual sales of more than $57 billion and employed approximately 53,000 people worldwide. The Company's more than 6,000 products are manufactured at 201 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
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