Taxpayer Savings of over $1 Trillion

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CEOs of Intel, EMC, IBM, Micron, Applied Materials and Motorola offered top White House advisers advice on increasing government worker productivity, cutting costs, boosting the economy and cutting the national debt.

"By adopting commercially proven best practices to maximize operational productivity, government can save over $1 trillion by 2020, while enhancing the services it provides," the council said.

In a paper outlining their position, the CEO Council offered seven specific proposals to cut waste, while singling out targeted savings, as well as corporate tax levels, as key areas where productivity could be encouraged.

The council proposed saving money by consolidating government information technology, streamlining supply chains, reducing energy use, sharing more support services, curbing improper payments, moving to electronic self-service, and selling government buildings and other assets on the federal balance sheet.

"Few public policies have more of an impact on business decisions than taxation levels," the paper said.

At a top marginal rate of 35 percent, corporate income taxes in the United States are among the highest in the world and big business often complains that it hampers their competitiveness.

Obama said on Monday he was interested in finding a revenue-neutral way in which to bring this level down and cited closing tax loopholes as one route he favored. (Additional reporting by Ross Colvin; Editing by Bill Trott)