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 progress made yesterday on tax reform:
‚ÄúThe House and Senate actions take us one step closer to enacting tax reform to make American businesses competitive and create opportunities for American workers.
‚ÄúWe are encouraged that the House Ways and Means Committee has advanced legislation to modernize our outdated corporate tax code. We will continue to work with Chairman Brady and House Leadership to seek improvements to the bill to enhance its pro-growth features as it moves to the House floor.
‚ÄúThe release of the Senate Finance Committee proposal demonstrates a clear commitment to 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. We applaud the adoption of a 20 percent 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.
‚ÄúThe Senate proposal, however, includes several provisions that are not consistent with international norms and may adversely impact the global competitiveness of American workers and businesses. We will be reviewing this significant legislation in further detail and offering ideas for improvements.
‚ÄúWe stand ready to work 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.