ACT Responds to Senate Finance Committee International Tax Reform Working Group

Washington, D.C. Today, the Alliance for Competitive Taxation (ACT) issued the following statement in response to the Senate Finance Committee working group on international tax reform's statement of principles, by co-chairs, Senators Portman and Schumer:

“We thank Senator Portman and Senator Schumer for their commitment to addressing our outdated system of international taxation. The principles released today mark a significant step forward in the effort to reform our tax code, and we are encouraged to see bipartisan support for addressing this pressing need.

“In their report, the co-chairs wrote that ‘By standing still, the United States has fallen behind other countries that have adopted modern international tax rules to help their companies and workers compete in the global marketplace.' The Senators went on to insist that tax reform should ‘not undermin[e] the ability of American companies to compete abroad' and should result in a system where ‘U.S. multinational companies are more competitive vis-à-vis their overseas rivals.'

“We couldn't agree more with these strong statements. ACT continues to call for the implementation of a modern international system of taxation that brings America in line with our competitors and puts American businesses on a level playing field in the global economy. We also appreciate the Senators support for corporate rate reduction as part of a comprehensive approach to modernizing our tax code, which would boost our economy and help American businesses and workers succeed.

“We look forward to reviewing the report in further detail and continuing the conversation with leaders in Congress and the Administration about how to fix our broken tax system.”