Washington DC – The National Foreign Trade Council praised key elements of the Bush Administration’s proposed FY 2004 Federal Budget for its focus on making much needed reforms to U.S. international tax law.
NFTC specifically applauded the suggested reforms to the subpart F and the foreign tax credit rules. These tax reforms have long been advocated by the NFTC and its members.
“The reforms proposed in the President’s budget are necessary to preserve the competitiveness of U.S. businesses operating in the global marketplace,” said Bill Reinsch, President of the National Foreign Trade Council. “Moreover, a positive resolution of the FSC/ETI dispute, coupled with these reforms, will ensure that U.S. farmers, business and workers are not disadvantaged in the global marketplace.”
Reinsch urged prompt Congressional action on the President’s proposal.
“While U.S. policy makers have responded to the global marketplace by enacting open trade laws, U.S. tax policy, which dates back to the 1960s, does not support the competitiveness of U.S. business. The inconsistency between these policies works against U.S. business and should be corrected,” he concluded.