U.S. Congressman Kevin Brady (R-Texas), a senior member of the tax writing House Ways & Means Committee and the top Republican on the Joint Economic Committee, says President Obama's latest outline to revamp the corporate tax code begins to lower rates but has glaring flaws that leave American companies less competitive in the world marketplace.
"It's disappointing. I was looking for a 21st century tax code but the President's proposal falls short in critical areas that leave America falling further behind our global competitors," says Brady. "BY failing to move to a territorial system our companies will be draggin gan outdated tax burden around with them as they try to compete. By punishing energy manufacturing in the U.S. with higher taxes we will see American energy jobs driven overseas. And while we've come to expect the President picking winners and losers in government, ratcheting it up even further in the tax code will harm the American economy."
"My suggestions, Mr. President, is go back to the drawing board," added Brady. "If you're serious about fundamental tax reform there are plenty of us Republicans ready and willing to sit down with you to create the most simple, pro-growth, competitive tax code possible."