ACT Responds to President Obama's Fiscal Year 2017 Budget

Washington, D.C. Today, the Alliance for Competitive Taxation (ACT) issued the following statement regarding the budget that was released today by the Administration:

“We appreciate that the White House is keeping business tax reform on the agenda. It is critical that we fix our broken tax system in a way that aligns the tax rate with the rest of the world and updates the international tax rules so that American businesses can compete abroad, instead of tying their hands behind their backs.”

“Unfortunately, the Administration's FY17 Budget contains the wrong ideas to reform our tax code and will actually have a harmful effect on our economy, businesses, and workers. The budget includes a new tax on American companies that do business around the globe and would make it harder for them to compete globally and invest, innovate and create jobs here in the United States. This proposal is out of step with our global competitors and would put U.S.-based companies at a competitive disadvantage in the global marketplace.”

“We hope the Administration will take a second look at the economic consequences of this proposal and we stand ready to work with the President and leaders in Congress to finally modernize our nation's outdated tax code in order to boost economic growth here at home, create more American jobs and promote investment in the United States.”