Ayotte: We Need Tax Reform to Bring Jobs Back from Overseas

Press Release

Senator says Democrats' stunt bill is all about election year politics

U.S. Senator Kelly Ayotte (R-NH) reiterated her view today that comprehensive tax reform - not election year stunts - is needed to incentivize companies to bring jobs back to America from overseas.

Citing the non-partisan Joint Committee on Taxation, which has said "there are no targeted tax credits or disallowances of deductions related to relocating business units inside or outside the United States," Senator Ayotte opposed moving forward with consideration of a partisan proposal from Senate Democrats that fails to comprehensively address the tax code.

"Instead of election year stunts, we need tax reform that's focused on job creation and competitiveness," said Senator Ayotte. "Our existing tax code is mired with favoritism and crony capitalism that doesn't drive economic growth. We need to simplify it, make it fairer, and bring down rates for individuals and businesses - otherwise, we'll continue to see American companies relocate their headquarters abroad, costing us jobs here."

She continued: "Tax reform should also allow American businesses to bring back the trillions parked overseas because of our uncompetitive corporate tax rate - so they can make investments to create jobs here at home while also helping bring more money into the Treasury for priorities like paying down the debt and improving infrastructure."

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