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The Resource for the Global Finance Profession

Business Groups Rally Congress to Enact Comprehensive Tax Reform

  • By Jeanine H. Arnett
  • Published: 2012-07-20

Earlier this week, the Business Roundtable sent a letter to Congress and the White House urging lawmakers to consider comprehensive tax reform by the end of 2012. Citing "economic uncertainty that impedes a more robust economic recovery", the Roundtable urged policy makers to extend "expiring and expired tax provisions through 2013 as a stopgap measure until comprehensive tax reform can be enacted."

AFP has been actively advocating for comprehensive tax reform for the past year and strongly encourages policy makers to consider comprehensive changes that would improve the competitiveness of the U.S. markets and American companies by taxing earnings, both foreign and domestic, at rates that are comparable to those of other developed nations. Higher corporate taxes harm competitiveness so lawmakers must focus on permanently reforming the corporate tax structure so that U.S. companies are not at a competitive disadvantage.

In a global market where capital flows across national borders easily, capital will gravitate toward those countries with lower corporate tax burdens, harming economic growth in the U.S. Therefore, AFP strongly encourages changes to the corporate tax system that will allow the U.S. economy as a whole, as well as American companies, to compete effectively in a global economy.

Tax Reform Task Force Seeks Corporates

AFP recently announced the formation of a task force on corporate tax reform to discuss what corporate tax reform should look like and to advise AFP on its advocacy efforts. This task force is open to interested senior-level corporate members who will be charged with the responsibility of advising AFP on policy relating to corporate tax reform and provide insight as to what corporate tax reform should look like. This group, in conjunction with AFP staff and outside counsel, will assist in the formation of comment letters, white papers and articles. Members of this Ad Hoc Task Force may have the opportunity to speak on behalf of AFP's position to press and policymakers.

If you are interested in serving on the task force, please contact advocacy@AFPonline.org.

 

Jeanine H. Arnett, Director, Government Relations & Policy, AFP

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