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A group of American business coalitions and associations has reiterated the importance of urgent and comprehensive tax reform in the United States, in a joint letter to the Chairmen and Ranking Members of the House of Representatives Ways and Means Committee and the Senate Finance Committee.
The letter says, "American businesses, both large and small, recognize that today's broken tax code is a major factor holding back their ability to hire and expand. It is also to blame for encouraging some US companies to reincorporate in nations with lower rates and more globally competitive tax systems. The answer is not to simply live within the uncompetitive parameters of our broken tax code. Instead, America needs to reform the tax code and modernize the international tax rules so that businesses of all sizes have lower rates and a globally competitive, fairer, simpler tax code."
The letter adds that: "A lower rate, along with a more globally competitive tax code, will help businesses to expand and create jobs, which boosts the overall economy. To this end, in order to make meaningful tax reform a reality, we believe that all available revenue from the elimination of tax expenditures and other changes in the code should be used expressly for the purposes of comprehensive tax reform."
The group warns that: "Recent proposals would instead focus on the individual symptoms of our broken code, such as restricting certain types of corporate transactions, rather than reforming the code in a meaningful way. Similarly, some have suggested using revenue generated by so-called 'pro-growth tax reform' to finance projects unrelated to overall tax reform and that would fail to provide the rate reduction important to job-creating businesses."
"Attempts like these are a distraction that will make tax reform harder to achieve and further reduce America's competitiveness in the international marketplace. By contrast, comprehensive tax reform will make America a better place to do business and put our economy on a long-term, sustainable path to growth and job creation," the letter concludes.
The letter is signed by the Aerospace Industries Association, Alliance for Competitive Taxation, Business Roundtable, National Retail Federation, Reforming America's Taxes Equitably (RATE) Coalition, and the US Chamber of Commerce.
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