ITI sent the letter (below and attached) to Chairman Carl Levin in advance of his Thursday hearing on Offshore Profit Shifting and the U.S. Tax Code. Two ITI members – Microsoft and H-P – will testify at the hearing and focus attention on solutions to replace the United States’ antiquated business tax system. As the President’s Council on Jobs and Competitiveness has noted, the outdated tax code has become an obstacle to American competitiveness. The Jobs Council – like the President’s Export Council, the Simpson-Bowles Fiscal Commission, Chairman Baucus, Chairman Camp, and a growing list of Democratic and Republican lawmakers – has urged the adoption of a competitive, market-based territorial system with a lower rate that focuses on job creation and innovation.
To read the letter, click here.