Roskam Applauds GOP's New International Tax Reform Proposal
Press Release
Excerpt: "Our current corporate tax system is outdated, overly complex, and serves as a significant barrier to job creation. Shifting to a territorial tax system would put American companies on a level playing field at home and abroad, making our economy significantly more competitive globally. This coupled with a long-overdue lowering of the corporate tax rate to 25% would be invigorating for the American economy and in turn create jobs here."
Chief Deputy Whip Peter Roskam (IL-06), member of the Ways & Means Committee, issued the following statement after the Ways & Means Committee released the international tax component of a draft for comprehensive tax reform. The draft would shift America's current worldwide tax system to a territorial tax system and lower the U.S. corporate tax rate to 25%.
"Our current corporate tax system is outdated, overly complex, and serves as a significant barrier to job creation. Shifting to a territorial tax system would put American companies on a level playing field at home and abroad, making our economy significantly more competitive globally. This coupled with a long-overdue lowering of the corporate tax rate to 25% would be invigorating for the American economy and in turn create jobs here. The proposal builds off the work the Ways & Means Committee has been doing all year on comprehensive tax reform and is an important step in building momentum for comprehensive pro-growth tax reform."
BACKGROUND:
At 35%, the U.S. Corporate Tax Rate is the Second Highest in the World. "2. United States."("The World's Highest Corporate Tax Rates 2010," CNBC, 12/14/10)
American Companies Have Over $1 Trillion Overseas That Could Be Brought to the U.S. With a Territorial Tax System. "More than a trillion dollars in U.S. corporate profit sits around the globe, just waiting for a good reason to come home. With the most anti-business tax system in the developed world, the United States encourages companies doing business offshore to leave their profits overseas. The money would easily flow back into our economy if Washington shifted to a territorial tax system and lowered the corporate tax rate. The time to move on this is now." ("Bring Home $1 trillion," Washington Times, 10/21/2011)
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