Contact: Jennifer Scott (202) 249-6512
WASHINGTON, D.C. (February 22, 2012) – The American Chemistry Council (ACC) issued the following statement in response to the Obama Administration’s release of a corporate tax proposal today.
“The President has said he wants America to lead the world in manufacturing, and we strongly support that goal,” said Cal Dooley, ACC President and CEO. “Getting there will require a fair, simple tax system that allows U.S. companies to compete evenly abroad.
“Unfortunately, today’s proposal falls short. It creates a new structure in which tax credits are not valuable enough to maintain and grow domestic manufacturing. The new tax on foreign income would doubly tax U.S. companies that have become global leaders—a very anti-competitive proposal. Meanwhile, higher taxes on oil and natural gas companies could inhibit domestic energy production just as new supplies are helping U.S. manufacturers grow and create jobs.
“The administration should lay aside today’s piecemeal proposal that could lead to lost U.S. manufacturing. Any future proposal must be comprehensive, with ample time for transition, in order to preserve American competitiveness. We hope the administration will consider moving to a territorial system, as has virtually every other modernized country.”