SIFMA today issued the following statement from former Senator Judd Gregg, SIFMA CEO, on the tax reform discussion draft released by Senate Finance Committee Chairman Max Baucus on international tax issues that would require US-based companies to pay a minimum level of tax on foreign subsidiaries' earnings:
"SIFMA applauds Chairman Max Baucus for recognizing that our international tax system is outdated and must be modernized to allow US firms to be competitive in the global economy. The success and profitability of US companies providing services and products abroad has been critical to the growth of the United States economy, and the Chairman should be commended for undertaking the difficult task of reforming our international tax laws on a revenue neutral basis."
