Washington, DC – In a letter to House, Senate and tax-writing committee leaders, the National Foreign Trade Council (NFTC) and 18 other key business groups urged Congress to oppose any efforts to increase the tax burden on U.S. companies before the end of the year. The associations wrote:
“During this time of widespread economic uncertainty, proposals to increase taxes on U.S. companies – including small businesses, domestic companies, worldwide American companies and U.S. subsidiaries of companies headquartered abroad – could have significant negative repercussions for the struggling American economy. Given the urgent need for new private sector jobs, adding to the tax burden would only undermine vital economic recovery efforts now underway throughout the country….
“…[W]e ask you to put job creation at the very top of your legislative priorities and oppose any proposals that would make it more difficult for U.S. businesses to maintain their current payrolls or expand to help put more Americans back to work.”
“Our economic recovery is inching along, and imposing tax burdens on any companies now would be counterproductive and only prolong the economic difficulties facing the country,” said NFTC Vice President for Tax Policy Cathy Schultz. “Congress and the Administration should instead focus their attention on developing policies that stimulate U.S. competitiveness and job creation.”
In addition to the NFTC, the following associations signed the letter: Alliance of Automobile Manufacturers; American Chemistry Council; American Gas Association; American Petroleum Institute; American Staffing Association; Association of Equipment Manufacturers; Association of International Automobile Manufacturers; AMT-The Association for Manufacturing Technology; Business Roundtable; Emergency Committee for American Trade (ECAT); European-American Business Council; Financial Executives International Committee on Taxation; National Association of Manufacturers; Organization for International Investment; PhRMA; U.S. Chamber of Commerce; U.S. Council for International Business; and Tech America.
To read the full text of the letter, please click here.
About NFTC
Advancing Global Commerce for Over 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.
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