WASHINGTON The Alliance for Competitive Taxation (ACT), a coalition of leading American businesses that employ millions of American workers, issued the following statement in response to the tax reform framework released today by the Administration and Congressional Republican leadership:
‚ÄúThe framework released today marks an important step toward modernizing our outdated tax code. We appreciate the commitment demonstrated by leaders in Congress and the Administration to create a simple and fair tax system that levels the playing field for U.S. businesses and workers. Our outdated corporate tax system is stifling economic growth and discouraging investment in the U.S. It is long past time to create a tax system that ensures U.S. businesses and workers can compete in the global market and invest, innovate and grow in the U.S.
‚ÄúWhile many important elements of tax reform remain to be worked out, the inclusion of a competitive corporate tax rate and the shift toward a territorial tax system are positive and significant steps forward.
‚ÄúWe look forward to working with Congress and the Administration to build upon this framework to enact a modern international tax system that is aligned with the rest of the world, thereby eliminating tax incentives for foreign takeovers of U.S. companies and encouraging greater investment in the United States. Competitive, pro-growth tax reform that puts U.S. companies on a level tax playing field will increase domestic investment, boost our economy and create jobs and opportunities for American workers.‚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.