Alliance for Competitive Taxation Sends Letter to President Trump on Tax Reform, Calls for Permanent Pro-Growth Reform
WASHINGTON – TODAY, the Alliance for Competitive Taxation (ACT), a coalition of leading American businesses that employ millions of American workers, sent a letter to President Trump supporting pro-growth tax reform that is permanent and levels the tax playing field for U.S. companies at home and abroad.
The full text of the letter is below:
May 1, 2017
President Donald J. Trump
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. President,
The Alliance for Competitive Taxation (ACT) strongly supports your commitment to unleashing economic growth and prosperity through comprehensive tax reform that strengthens our economy, our workers and our nation’s future. Comprised of leading American businesses employing millions of Americans across a diverse range of industries, our members have been working to achieve this goal for several years.
The United States has been burdened by the highest corporate tax rate in the developed world and an outdated international tax system for far too long. Slow economic growth has made it more difficult for working families to make ends meet. We owe it to all Americans to modernize the U.S. tax code to help American businesses compete on a level playing field so they can create more good jobs here in America.
Thanks to your leadership, we finally have the momentum to make this once in a generation opportunity a reality.ACT supports pro-growth tax reform that will lower the corporate tax rate, establish a competitive international territorial tax system, promote investment and job creation in the United States, and provide a level playing field for U.S. and foreign companies competing to sell their products and services at home and abroad.
Modest or temporary changes in our tax system will not result in the kind of economic growth America needs.
To promote investment and create high-paying jobs in the United States, tax reform must both reduce tax rates and eliminate tax incentives that encourage both foreign takeovers of U.S. companies and U.S. companies to move their headquarters abroad.
Further, pro-growth tax reform must be permanent – a tax code that expires after a few years will not provide businesses with the certainty they need to invest and restart the engine of the US economy.
As your Administration seeks to enact policies that drive economic growth, we stand ready to work with you and Congressional leaders to enact a 21st century tax code that will create American jobs and make the U.S. an attractive place for both small and large businesses to innovate, invest, and thrive.
Alliance for Competitive Taxation
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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.