Almost everyone agrees: Our current corporate tax policies are killing American businesses.

Here at No Labels, we think it’s time Democrats and Republicans come together to lower the corporate tax rate to 20%.

Currently, America’s corporate tax rate of 35% is one of the highest in the world. That high rate hampers economic growth, slows business development, and reduces employment. For example, a study by the National Bureau of Economic Research that compared bordering counties in separate states showed that the counties in states with lower corporate tax rates had higher rates of employment and increased incomes.

However, the effective tax rate for many corporations is actually far lower than the current tax rate of 35%. That is because corporations are able to take advantage of special tax deductions and loopholes that reduce their tax liability. Taken together, the Congressional Research Service has reported that corporations on average pay an effective tax rate of 27.9%. The upshot is that certain industries and fields pay at higher rates than others—and many up-and-coming fields are put at a competitive disadvantage. Closing those loopholes would help enable Washington to set the corporate tax rate at 20%, leveling the playing field and giving all businesses an incentive to grow.  This would make the U.S. rate one of the lowest among developed nations.

The benefits of this lower rate would be numerous. And many economists argue that a lower corporate tax rate would spur businesses to invest in the U.S economy, creating jobs and encouraging wage growth.

We hope Democrats and Republicans come together to lower the corporate tax rate. It’s something administrations from both parties have previously proposed, and it’s one of the most important things we can do to grow our economy. Read more about No Labels tax proposals here.