Washington, D.C. – Claire Buchan Parker, spokeswoman for the LIFT (Let’s Invest for Tomorrow) America Coalition, today issued the following statement regarding the international tax proposals included in President Obama’s budget for FY 2016:
“The president’s budget proposal is an important contribution in the evolving debate on how to modernize the nation’s outdated international tax system. It is essential that the administration be an active participant in helping to solve a problem that has plagued our country for far too long. However, the international tax provisions outlined by President Obama would ultimately move the United States further away from the solutions we need to strengthen our competitiveness abroad and grow our economy here at home.
The litany of new taxes placed on globally-engaged, U.S. companies is at best a short-sighted attempt to raise government revenues, and at worst a misguided policy that doesn’t properly recognize America’s role in the 21st Century economy. Specifically, the President’s proposed minimum tax on foreign income will significantly hamper the country’s ability to compete in foreign markets and will hurt the sale of U.S. goods and services.
It is our hope that the administration will continue to work on removing barriers preventing foreign earnings to be returned and invested in the United States. The LIFT America Coalition strongly believes that this critical reform is best addressed within the context of comprehensive and permanent tax reform.”
###