NFTC Statement on International Tax Provisions Included in Administration’s Greenbook
– National Foreign Trade Council (NFTC) Vice President for Tax Policy Cathy Schultz today issued the following statement in response to the U.S. Treasury Department’s release of its Greenbook,
the details of the Obama Administration’s FY2010 revenue proposals.
“The current state of the U.S. economy is fragile, and our ability to rebound quickly and sustain growth in real dollar terms and with respect to job creation depends heavily on both the domestic and international policies we pursue to make U.S.-based multinational companies and our workers more competitive.
“Maximizing U.S. competitiveness means adopting measures that help to improve the U.S. business climate and provide the incentives that make it possible for U.S.-based companies to continue to employ millions of American workers.
“While we are still reviewing the new provisions included in the Greenbook released today, it is abundantly clear that the Administration has proposed a $210 billion tax on U.S.-based multinational companies at a time when our companies and their employees are already working overtime to remain competitive in these tough economic times. The Administration’s proposals would make that task all the more difficult.
“These proposals also come at a time when countries around the world, including the United Kingdom and Japan, are adopting competitive international tax policies. The United States is heading in the other direction at exactly the wrong time. America has always prided itself on being a step ahead of the competition, and now, unfortunately, we risk falling many steps behind.”About the NFTC
Advancing Global Commerce for 95 Years - The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.