Washington – LIFT America Coalition Spokeswoman, Claire Buchan Parker, issued the following statement today in response to the U.S. Treasury Department’s proposed regulations pertaining to corporate inversions:
“Without question, America’s international tax laws are failing to serve our national interest. There are fundamental flaws in our business tax code and only a fundamental overhaul will fix it. The proposed regulations by the U.S. Treasury to limit corporate inversions are a short-sighted approach to reform. The rules miss the opportunity to move the U.S. closer to global tax standards and they fail to improve our ability to attract investment here at home.
Lawmakers, business leaders, economists, and other key stakeholders agree: the status quo reflected in the current tax code is a significant drag on the American economy. This shared dissatisfaction is the surest sign we need reforms that go well beyond closing so-called loopholes and tax havens. Unfortunately though, not all policymakers are seeking long-term solutions.
We are discouraged by the Treasury’s proposals that would instead focus on individual symptoms of our diseased code. Ultimately, attempts like these are a distraction that will make comprehensive reform harder to achieve and further reduce America’s competitiveness in the global marketplace. By contrast, a modern international tax system will make it easier for businesses to invest, hire and even bring jobs into the United States”.
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