Release Date: May 04, 2009Contact: 888-249-NEWS
U.S. Chamber Opposes Administration's Tax Proposal
'This is about jobs in America and the competitiveness of American companies,' Regalia Says
Dr. Martin Regalia discusses the Obama administration's corporate tax proposal on CNBC's Closing Bell.
WASHINGTON, DC—The U.S. Chamber of Commerce Chief Economist Dr. Marty Regalia issued the following statement today in response to the administration's announcement that it is seeking to reform international tax provisions:
"This issue is about jobs in America and the competitiveness of American companies. Deferral has been mischaracterized as a 'tax break' but is actually a vital mechanism providing relief for American businesses from double taxation.
"The United States is the only major industrialized country which double taxes the overseas earnings of our companies. Since other countries don't subject their companies to double taxation, U.S. companies need deferral to stay competitive in the global marketplace.
"When you limit deferral, you limit the ability of U.S. companies to compete, you impede growth in the U.S. economy, and you cause the loss of jobs – both at the companies directly impacted and companies in their supply chains.
"Tax increases that hurt U.S. companies' global competitiveness hurts U.S. workers here at home. A huge tax hike on U.S. employers is not the way to stimulate our economy. Congress should reject this approach."
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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