Washington, D.C. – Today, Claire Buchan Parker, spokeswoman for the LIFT (Let’s Invest for Tomorrow) America Coalition, issued the following statement regarding the discussion draft on tax reform released by Ways and Means Committee Chairman, Dave Camp (R-MI):
“The discussion draft released today by Ways and Means Chairman Dave Camp (R-MI) reflects the serious efforts we need as a country to strengthen our economy by moving closer, not further away from, the global trends of modern international taxation. And while we expect the proposed policies to be improved upon over time, we welcome the draft as an important step towards meaningful tax reform.
LIFT strongly believes that reform that includes modernizing our international tax laws is a critical component in any policy effort to effectively combat the nation’s long-term unemployment problems and economic uncertainty that is deterring business investment. Consequently, the growing challenges faced by American-headquartered companies competing in the global marketplace, demands that we act.
The red tape binding together our current set of antiquated laws only ensures we continue to lock out approximately $2 trillion in potential investment and lock in the status quo that is directly hurting U.S. workers, and threatens to make American companies vulnerable to foreign acquisitions.
Therefore, as policymakers examine the discussion draft, they should remember that the cornerstones of a pro-jobs, pro-growth tax code is a competitive domestic tax rate and a modern, hybrid international tax system that would promote increased U.S. investment, while protecting America’s tax base. This goes well beyond fixing tax breaks and loopholes; it would fundamentally position our economy on a level playing field with the rest of the world. In addition, it is critical that revenues gained via tax reform be used to facilitate the permanent transition to a new international system and not additional government spending.
As the debate moves forward, the Administration and Congress should be less worried about the political ramifications of tax reform, and more concerned about what will happen to our economy and standing in the world if reform is not pursued. This is why LIFT America commends the leadership of Chairman Camp, whose draft has brought the United States closer to achieving a more competitive tax code for the benefit of all Americans”.
About the LIFT America Coalition:
Let’s Invest for Tomorrow (LIFT) America is a coalition of U.S.-headquartered companies, trade associations and economic stakeholders representing industries that are critical to the American economy. To strengthen American competitiveness in the global marketplace, the coalition supports a modern, hybrid international tax system – similar to the one used by our trading partners – that would promote increased U.S. investment, while protecting America’s tax base.
To schedule an interview with Spokeswoman Claire Buchan Parker, please contact the Coalition by phone: 855-207-5548 or email: LIFTAmericaCoalition@gmail.com.