Americans for Tax Fairness, a campaign of state and local organizations united in support of a tax system that works for all Americans, released a letter today sent to President Barack Obama and Capitol Hill in support of revenue-positive changes to the corporate tax code and to voice strong opposition to a territorial tax system.
“We understand that you may be considering changes to the corporate tax system as part of a deficit-reduction deal. If so, we ask you to do two things: 1) Ensure that corporations pay their fair share to reduce the deficit by closing corporate tax loopholes and adopting changes to the corporate tax code that result in significant additional revenues rather than “revenue-neutral” reform, and 2) oppose adoption of a territorial tax system, which will encourage corporations to shift U.S. jobs and profits overseas, further reducing revenues and undermining our economy and families,” reads the letter.
The letter was initiated because organizations are concerned that a deficit-reduction deal being negotiated between President Obama and Congress may require tax-writing panels in the next Congress to draft a corporate tax reform plan that is revenue neutral and could encourage adoption of some type of territorial tax system.
More information, including the full letter and list of groups can be found here.