ACT Statement on President Obama’s Budget
Today, the Alliance for Competitive Taxation (ACT) issued the following statement regarding the budget released by the Obama administration:
“We appreciate that the Administration has provided additional details about its tax reform proposal and recognizes the need to reform our nation’s outdated tax system, including its international tax rules that create a barrier to investing in the United States. Unfortunately, the proposals in the president’s budget would hinder economic growth, jobs and investment here in the United States. The international tax proposals, which would increase taxes on U.S. companies competing abroad by more than a half a trillion dollars in the next ten years, are out of step with the rest of the world and would likely lead to more takeovers of U.S. companies by foreign companies who would not be subject to these rules.
“We hope the administration will take a second look at the consequences of this proposal and work with Congress to revamp our nation’s outdated tax code to boost economic growth and create American jobs. ACT remains committed to working with leaders in Washington to accomplish tax reform that simplifies the code, sets a competitive corporate tax rate, modernizes our international system of taxation and is fully paid for by ending tax breaks and preferences.”