U.S. Chamber Responds to President Obama's Remarks on Inversions

Tuesday, April 5, 2016 - 4:00pm

Josten: “Washington should do its job and comprehensively reform the tax code.”

WASHINGTON, D.C.—U.S. Chamber of Commerce Executive Vice President for Government Affairs Bruce Josten today issued the following statement regarding President Obama’s comments about tax inversions:

“Punitive one-off ‘anti-inversion’ regulatory efforts make American companies even less competitive on the global playing field and will do little to stem the flood of outright acquisitions of U.S. firms by foreign companies. Further, protectionist measures that are punitive to all foreign companies deter foreign investment in the United States. Punishing the business community, as the Obama administration has proposed, is not the answer. The real solution is comprehensive tax reform that lowers rates for all businesses and shifts to a competitive international system that both allows American companies to compete globally and attracts foreign investment to the United States.

“There is nothing ‘patriotic’ about politicians bullying America’s job creators for legally trying to level the playing field. Instead of focusing on soundbites, Washington should do its job and comprehensively reform the tax code.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.