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.
The coalition is educating policymakers and the public to raise awareness of the significant economic harm caused by our outdated international tax laws; all the while promoting reforms that would ensure U.S. companies operating globally pay home country tax rates that are competitive with those paid by foreign business rivals. We believe this overdue reform would strengthen the U.S. economy for all Americans by removing barriers to returning foreign earnings that can be invested in the United States.
To work with policymakers and other stakeholders to ensure that comprehensive tax reform includes 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.
PRINCIPLES OF REFORM
The LIFT America Coalition believes that bipartisan, comprehensive tax reform must incorporate the following principles:
- Modernize our international tax laws to provide a level playing field for American workers competing in the global marketplace in order to sell more U.S. goods and services;
- Simplify the tax code and make reforms permanent, as we cannot afford the patchwork of fine print that locks in the status quo and locks out $1.7 trillion in private investment;
- Prevent tax base erosion and abuse by creating clear, manageable standards for globally engaged U.S. companies who continue to pay taxes owed in the United States and abroad;
- Reduce the U.S. corporate tax rate to make it more competitive with our nation’s major trading partners; and
- Ensure tax reform will be revenue neutral with the goal of promoting the free flow of investment into the U.S. and making America the most attractive place to hire and invest in the world.
Members of the LIFT America Coalition include – 3M, Caterpillar Inc., Cisco, Eli Lilly and Company, Emerson, Financial Executives International, Honeywell International, Inc., Hewlett-Packard Company, Information Technology Industry Council, Intel, Johnson & Johnson, National Foreign Trade Council, Oracle, Pfizer, Procter & Gamble, Semiconductor Industry Association, TechNet, The Coca-Cola Company, United Technologies Corporation, Wal-Mart Stores, Inc., Xerox Corporation, and Yum! Brands.