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% from the current 35% 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 CEOs from dozens of corporations. The group includes the heads of Apple, JPMorgan Chase, Exxon Mobil, Boeing 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 corporate tax rate. Congressional leaders and officials in President Donald Trump's administration say they'll be releasing more details of proposed legislation next week.

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