House Republican Policy Committee Chairman Tom Price, M.D. (R-GA) issued the following statement in response to the Obama Administration's corporate tax reform framework released earlier today.
"Republicans in the House of Representatives have shown time and again our commitment to enacting comprehensive tax reform," said Chairman Price. "We have held numerous hearings on the subject and have put forth proposals of our own. We are ready to work with our Democrat colleagues and with this administration on tax reform across the board. So, it is positive that the Obama Administration at least seems willing to come to the table now with a framework of its own on corporate tax reform. That being said, the Obama Administration proposal responds to an inequitable tax code by simply rearranging the inequities to fit their political agenda.
"The president's proposal increases taxes on businesses and continues his penchant for picking winners and losers in the economy and in the tax code. His new minimum tax on overseas subsidiaries goes against the prevailing winds of tax reform both here and abroad which favor a shift to a territorial system that makes far more sense. This will harm job creation. Instead of making the corporate tax code more competitive which might encourage businesses to bring overseas profits home to invest in America, they are just going after the money through a new tax. Those are not the types of reforms that would create a positive economic and entrepreneurial environment. Hopefully, in the days ahead, there can be a productive dialogue about how to reconcile our differences and ultimately find a pathway to producing a tax code that encourages private capital investment, business growth and job creation in America. It is possible for it has been done before."