Policy Priorities for 2012
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Preserve current marginal individual tax rates and reduced tax rates on capital gains and dividend income.
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Secure a long-term fix to the individual and corporate alternative minimum tax (AMT).
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Extend or make permanent tax extenders (e.g., the Research and Experimentation Tax Credit).
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Prevent tax hikes on businesses, including attempts to address Congress’ spending problem by imposing tax hikes on businesses, and including those hikes contained in the administration’s FY 2012 Greenbook, i.e., limitation on deferral, modification of the foreign tax credit rules, restriction on or repeal of the LIFO (last-in, first-out) inventory method, limitation on the deduction of punitive damages and fines and penalties, repeal of the deduction for domestic production activities, and taxation of carried interest as ordinary income.
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Advocate for comprehensive tax reform legislation to lower tax rates to a level that will enable U.S. businesses to compete successfully in the global economy, attract foreign investment to the United States, increase capital for investment, and drive job creation in the United States.
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Advocate that the worldwide system of taxation should be replaced with a territorial system for the taxation of overseas earnings to enable U.S. businesses to compete successfully in the global economy, as well as domestically against foreign firms, and to promote economic growth domestically
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Ensure faster cost recovery of capital investment.
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Seek tax certainty for businesses striving to expand, create jobs, and remain competitive in the United States and abroad.
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Reduce the complexity of the tax code to improve compliance and reduce the cost of tax administration.
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Ensure that any comprehensive tax reform includes realistic transition rules to provide adequate time for implementation and help minimize the economic hardships businesses may encounter in transitioning to the new tax system.
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Enact enhanced tax-deferred savings vehicles.
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Ensure that any tax legislation, including comprehensive tax reform, avoids special tax benefits or penalties targeted to one industry versus another.
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