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 ensure continued economic growth, job creation and innovation in today’s highly competitive global marketplace, the coalition supports tax reform that modernizes the U.S. international tax system to the benefit of all Americans.
The coalition educates policymakers and the public to raise awareness of the significant economic harm caused by our outdated international tax laws. It also promotes sensible reforms that move the United States closer to 21st Century norms for global taxation and removes barriers that prevent foreign earnings to be returned and invested in the American economy.
PRINCIPLES FOR REFORM
To ensure continued economic growth, job creation and innovation in today’s highly competitive global marketplace, the United States must reform its fundamentally broken tax code, which no longer serves our national interests.
In that spirit, the LIFT America Coalition believes that bipartisan, comprehensive tax reform must incorporate the following principles:
- Modernizes our international tax system by eliminating the double taxation of overseas earnings, thereby unlocking that capital so it can be freely invested in the U.S. economy;
- Simplifies the tax code and makes reforms permanent, providing the certainty needed to make America the world’s most attractive place to locate and build a business;
- Protects the U.S. tax base by creating clear, manageable standards for globally engaged U.S.-headquartered companies that continue to pay taxes at home and abroad;
- Applies revenues generated by tax reform to the reduction of the U.S. corporate tax rate and the long-term costs associated with transitioning to a modern international system; and
- Utilizes reality-based scoring in the legislative process to properly measure the pro-growth benefits of tax reform on the U.S. economy and, more importantly, for American workers.
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, Pfizer, Procter & Gamble, Semiconductor Industry Association, TechNet, The Coca-Cola Company, United Technologies Corporation, Wal-Mart Stores, Inc., Xerox Corporation, and Yum! Brands.