I have been informed that our greedy politicians have been lobbying in favor of this new version of corporate welfare, which sentences Puerto Rico into political limbo forever, and worsens the economic crisis in the US.
Camp Releases International Tax Reform Discussion Draft
Effort part of comprehensive tax reform that independent economists have estimated would help create 1 million private sector jobs in the first year alone
Wednesday, October 26, 2011
Washington, DC - Today, Ways and Means Committee Chairman Dave Camp (R-MI) unveiled an international tax reform discussion draft as part of the Committee’s broader effort on comprehensive tax reform that would lower top tax rates for both individuals and employers to 25 percent. In addition to rate cuts, the plan would transition the United States from a worldwide system of taxation to a territorial system – a move virtually every one of America’s global competitors has already made.
Camp unveiled the draft legislative language with a specific request – that employers, academics, practitioners and workers provide comment and add their voices to the legislative process.
Commenting on the release of the proposal as a part of his overall approach to comprehensive tax reform, Camp stated, “Instead of having laws on the books that encourage hiring U.S. workers, our outdated international tax system encourages employers to keep profits and jobs outside of America. If we are serious about creating a climate for job creation, now is the time to adopt tax policies that empower American companies to become more competitive and make the United States a more attractive place to invest and create the jobs this country needs.”
The Ways and Means discussion draft would:
In advocating the need for international tax reform, Camp cited several reasons why current U.S. tax policies are putting American employers and workers at a competitive disadvantage: