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NFTC Says Presidentís Budget Proposals Amount to a Tax Hike for Worldwide U.S. Companies
Date: 2/14/2011
Written By: Jennifer Cummings, The Fratelli Group, (202) 822-9491

Washington DC – The National Foreign Trade Council (NFTC) today said that President Obama's international tax-related budget proposals are more of the same, and amount to a tax hike for worldwide American companies. NFTC Vice President for Tax Policy Cathy Schultz released the following statement.

"We were encouraged when the President in his State of the Union address highlighted that worldwide American companies face some of the highest tax burdens in the world. We thought that maybe his exclusion of ‘companies shipping jobs overseas' symbolized an ideological shift toward more business-friendly international tax policies, but his budget proposal released today is just more of the same.

"The FY 2012 budget proposal includes many of the same flawed policies included in last year's budget that were never enacted into law, and for good reason. From deferring the deduction of interest expenses related to deferred income to treating carried interests as ordinary income, the Administration's budget proposal, while rhetorically intended to encourage companies to invest more in America, will make it even harder for them to do so.

"As we've stated before, while some economic indicators suggest that the U.S. economy is beginning to turn the corner, the reality is that our recovery is fragile. Given that reality, we should be pursuing policies that encourage growth and job creation, not enact what amount to tax hikes on the very same worldwide U.S. companies that are responsible for providing more than 63 million American jobs."
 
 


About NFTC
Advancing Global Commerce for Nearly A Century- 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.
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