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November 19. 2013

ACT Statement on the Senate Finance Committee Staff’s International Tax Reform Discussion Draft

Washington, D.C. – Today, the Alliance for Competitive Taxation (ACT) released the following statement in response to the release of the Senate Finance Committee staff’s international tax reform discussion draft:

“While we are encouraged by Chairman Baucus’ continued commitment to pass comprehensive tax reform, we are concerned that the international reform ideas in the staff draft undermine the stated goals of creating jobs, generating growth, and making America more competitive around the world. The Chairman has recognized how today’s uncompetitive tax code is already leading to the loss of U.S. companies. Unfortunately, many of these proposals would put the U.S. tax system even more out of line with the rest of the world. We are concerned that this staff proposal, if enacted, would make a bad system worse with anti-competitive measures that favor foreign companies and would result in even more foreign acquisitions of American businesses and an even greater loss of U.S. jobs. ACT strongly supports adopting a hybrid international tax system which will allow American businesses to use the trillions of dollars in foreign earnings to invest in America’s economy, generating significant growth and creating over a million jobs. We remain committed to working with Chairman Baucus, Chairman Camp and other leaders in Congress to modernize our tax system.”