WASHINGTON The Alliance for Competitive Taxation (ACT), a coalition of leading American businesses that employ millions of American workers, issued the following statement today regarding the introduction of a new tax reform bill in the U.S. House of Representatives:
‚ÄúThe release of H.R. 1 is an important first step towards pro-growth tax reform that will create jobs and boost the wages of American workers, expand our industrial and technological base, and strengthen the domestic economy.
‚ÄúWe applaud the adoption of a 20% competitive corporate tax rate and movement in the direction of a territorial tax system that will not penalize U.S. companies when they invest their foreign profits at home.
‚ÄúHowever, several of the provisions break new ground and are out of line with international norms. We need to review these provisions in further detail to better understand their impact on the global competitiveness of American workers and businesses.
‚ÄúWe are committed to working with Congress on pro-growth tax reform that levels the playing field for U.S. companies and that will be good for American workers, businesses and our economy.‚Äù_x000D_
_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.