ACT Responds to Introduction of Anti-Inversion Legislation
WASHINGTON – Today, the Alliance for Competitive Taxation (ACT) released the following statement in response to legislation introduced by Sen. Carl Levin (D., Mich.) and Rep. Sander Levin (D., Mich.):
“The fact that we’ve seen a growing number of American companies in recent months announce plans to merge with foreign companies and reincorporate abroad only highlights the many deficiencies of the U.S. tax code.
“The U.S. has the highest corporate tax rate in the developed world and still uses an outdated system of international taxation, making it harder for American businesses to compete in the global marketplace. If we want to encourage companies to locate, invest, and create jobs in the U.S., then we have to address the root cause – America’s broken tax code.
“We have serious concerns that the legislation proposed by Senator Levin and Congressman Levin would do nothing to address the competitive disadvantages inherent in our tax code. It would actually make the situation worse and could lead to even more jobs and businesses leaving America. We continue to believe that leaders in Washington should focus on enacting comprehensive tax reform that establishes a modern, globally-competitive tax system and aligns the United States with the rest of the world.”