Out of date tax code makes US less competitive

Ways and Means Committee Chairman Dave Camp (R-Mich.) recently released his plans to aggressively pursue comprehensive tax reform. The good news for American workers is that the Chairman includes transitioning to a more competitive system of international taxation on the “to-do” list.
 
Our current tax code is out-of-date and it’s hurting America’s ability to compete – and win – in the international marketplace. It’s no wonder that the tax code is stifling our growth and opportunity: it was designed for a world that no longer exists.  Written when John Kennedy was president and 17 of the 20 largest corporations in the world were American, the code just doesn’t make sense in the 21st century when only 6 of the world’s largest companies are U.S.-based.

A group of some 20 U.S.-based companies and trade associations today launched a coalition, Let’s Invest in For Tomorrow (LIFT) America aimed at raising awareness about the harm being caused by our outdated international tax laws and promoting reforms that would ensure U.S. companies operating globally pay home country tax rates that are competitive with those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.
 
The members of LIFT America believe we need reform to a modern Territorial 2.0 tax system that allows companies to bring home their profits without paying a toll-charge. The LIFT America members recognize that effective reform will promote a level international playing field while also preventing tax base erosion and abuse.
 
If U.S. companies can make investments in the United States that are needed to sell more of their products and successfully compete, U.S. workers and the U.S. economy win. The LIFT America coalition believes Congress has an opportunity to enact meaningful reforms to make this a reality.
 
Buchan Parker is the spokesman for LIFT America.

---