Congressional tax writers want to offer U.S. companies an "unprecedented" way to slash their tax bills by investing in new equipment. But firms that stand to benefit most are saying no thanks, just give every company a bigger rate cut.

A lobbying group for companies including AT&T Inc., Verizon Communications Inc. and Intel Corp.—all of which were among the biggest spenders on equipment and facilities over the past 12 months —says a major cut to the current 35% corporate tax rate is the better way to drive economic growth.

"Making America great starts with the rate—ideally in the low 20s," said James Pinkerton, co-chair of the RATE Coalition, which has dozens of corporate members. "Every other tax decision is subordinate to what the rate is."

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