WASHINGTON DC – The National Foreign Trade Council (NFTC) Vice President for International Tax Policy Anne Gordon today issued the following statement in response to the President’s budget proposal for FY 2025 and accompanying Treasury Green Book:
“The President’s budget reflects the same short-sighted corporate tax proposals he presented at the State of the Union last week and in last year’s Green Book. These proposals continue to ignore the realities of how global businesses operate and would make it harder for American companies to create jobs and to compete abroad.
“We are concerned that this budget does not include any measures to remedy Congressional and business community concerns with the OECD global tax negotiation. Instead the Administration puts forth proposals that hurt American competitiveness and undermine our companies’ ability to keep jobs in the U.S., at the same time increasing the corporate tax rate to 28% accompanied by an increase in the corporate alternative minimum tax (CAMT) to 21% – a rate far above what the Administration negotiated as part of the global minimum tax agreement.
“We urge the Administration to consider instead policies that foster innovation, job creation and continued growth.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
