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SIFMA today released the following statement from Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy, in response to President Obama's introduction of proposals to reform America's business tax system.
“Pro-growth tax policies have proven to build the United States into the world's largest economy. But as our economy evolves so should our tax code, and it is critical for the future prosperity of every American that the United States continue to allow U.S. firms to grow through investment at home and compete globally. President Obama today has taken an important step by putting forward a proposal to reform our business tax code for the 21st century. Bringing the corporate tax rate more into line with the tax rates of other nations will allow more American businesses to grow and create jobs. That’s an important step in the right direction.
"The President’s proposal is partially undermined by a number of proposed tax increases, such as the proposal to create a new global minimum tax for American companies. This proposal will put American companies at a disadvantage when they are experiencing increasing competition from foreign multinational firms because by setting a minimum tax rate even with a foreign tax credit, they will likely pay a higher rate than their competitors in other jurisdictions. That said, we stand ready to work with the Administration and Congress on developing a business tax structure that will enhance economic growth and capital formation for the United States."
