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AT&T CEO lays out growth agenda for America

AT&T CEO Randall Stephenson says it comes down to one simple equation to get the economy growing again: Get corporate America investing.

In his growth agenda for America, the new chairman of the Business Roundtable focuses on fiscal stability, tax reform for business, expanded trade and immigration reform.

In an interview Thursday, Stephenson pointed out that getting Washington to discuss tax reform is a significant obstacle to his pro-growth agenda.

"I would at least like to get [Washington] talking about what is the right tax structure," Stephenson said on CNBC's "The Kudlow Report." "At the end of the day, U.S. tax rates are at a completely uncompetitive level with the rest of the world."

If U.S. tax rates were lowered, overseas profits would come back to the United States and spark economic growth, Stephenson said.

"There's a lot of capital trapped outside of the United States that would come home if the tax rates were reduced on those unrepatriated earnings. That's capital that would go to work in the United States."

When it comes to immigration reform, Stephenson said the U.S. needs a process to bring high-skilled labor to the country. "What we need is a process to allow these people to find themselves legally into the workforce," he said.

Stephenson said immigration reform is the most likely item on his agenda for progress: "Immigration reform is one area where there may be a possibility for a deal."

By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly

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