Washington, D.C. - Today, LIFT America Coalition Spokeswoman, Claire Buchan Parker, issued the following statement in response to President Obama’s State of the Union remarks on business tax reform -
“The LIFT America Coalition was disappointed that President Obama’s proposals on business tax reform during the State of the Union did not signal a commitment to modernizing our international tax laws in a way that will make the U.S. more competitive. The current tax system is woefully broken and reforms need to be made to increase our global competitiveness and provide greater opportunity for U.S. workers.
Because our tax system is so out of date, it places a burden on all companies, especially U.S. companies that operate in the global marketplace in which differences in national tax systems can be a decisive factor in where companies choose to invest. With the highest corporate tax rate in the developed world and an antiquated worldwide system of taxation, the status quo is making it harder for American businesses to invest, compete, grow and create jobs.
The Coalition specifically supports revenues generated by business tax reform be applied to badly needed corporate rate reduction and to modernizing our international tax system, not for unrelated spending or other government-led stimulus projects.
LIFT America will continue to urge Congress and the White House to pursue comprehensive business reform that goes beyond fixing ‘tax loopholes’ and systematically transitions the U.S. to a modern, hybrid international tax system – similar to the one used by our trading partners – that would promote U.S. investment, while protecting America’s tax base.”
###
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.
Media Inquires:
To schedule an interview with Spokeswoman Claire Buchan Parker, please contact the Coalition by phone: 855-207-5548 or email: LIFTAmericaCoalition@gmail.com.