The current U.S. corporate tax rate of 35% is too high and should be scaled down to encourage American businesses to compete with their global rivals, said Honeywell CEO David Cote after Sen. Max Baucus, D-Mont., proposed bringing down tax rates for foreign profits to 20%. "If we want to be successful as a country, we need to be participating" in regions where there is growing economic activity, Cote said. "If you put U.S. companies at a disadvantage when they're competing in those countries, we're making a huge mistake," he added.

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