ACT Submits Comments on Competitive Corporate Tax Reform to Chairman Hatch
WASHINGTON Yesterday, the Alliance for Competitive Taxation, a coalition of leading American businesses, submitted comments to Senator Hatch, Chairman of the Senate Committee on Finance, on competitive corporate tax reform. Below is the text of the cover letter and the full comments are available here._x000D_
Alliance for Competitive Taxation_x000D_ Submission on Tax Reform: Internationally Competitive Corporate Income Taxation_x000D_
Submitted to United States Senate Committee on Finance
July 17, 2017
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Dear Senator Hatch:
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In response to your June 16, 2017, request for stakeholder advice and comments on tax reform, the Alliance for Competitive Taxation (ACT) is submitting the attached paper on internationally competitive corporate income tax reform.
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ACT is comprised of 39 leading American businesses from a diverse group of industries (www.ACTonTaxReform.com). Since 2012, ACT has supported comprehensive tax reform that lowers the corporate tax rate and establishes a modern, globally competitive tax system that aligns the United States with the rest of the world. PricewaterhouseCoopers LLP serves as a technical adviser to ACT.
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Congress and the Administration have a once in a generation opportunity to update the U.S. corporate tax system to catch up to -- or leap ahead of -- global competitors with much lower corporate tax rates and modern international tax systems. If tax reform is to be successful in closing the competitive gap, the U.S. tax Code should no longer incentivize U.S. companies to invert, sell divisions, or be acquired by foreign-headquartered companies. ACT encourages the Committee to evaluate tax reform proposals using this criterion.
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ACT member companies appreciate the intense efforts that Congress and the Administration are putting into moving tax reform legislation this year. We offer you our full support and assistance in achieving a globally competitive tax system.
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Yours sincerely,
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Alliance for Competitive Taxation
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_x000D_ About ACT_x000D_
ACT is comprised of leading American businesses that employ millions of American workers from a broad range of industries, including technology, manufacturing, and services. ACT members support comprehensive tax reform that provides a competitive corporate tax rate and modern international tax system that aligns the United States with the rest of the world. We believe tax reform should simplify the tax code, promote economic growth, and should be fully paid for by ending tax breaks and preferences. For more information about ACT, visit www.ACTonTaxReform.com.
