Despite America’s status as an economic leader, our tax code is woefully outdated. Currently, America is the only industrialized nation that still employs a worldwide tax system, as opposed to a territorial system. This puts our companies at a disadvantage, and hurts competitiveness on a global scale. Stop The Tax Attack’s new video, “America’s Broken Tax Code,” is part of an ongoing series that examines the costly effects of our outdated system of international taxation.
As a result of our antiquated tax code, American companies are actually incentivized to move their headquarters abroad, taking jobs overseas along with them. In addition to this, trillions of dollars are routinely stashed overseas to avoid being subjected to our poor tax system.
Fortunately, we are well along the path towards reforming our tax code, with the House’s tax plan making its way potentially towards a vote this week. Tax reform is moving ahead at pace, and should be completed by the end of 2017, providing much needed relief to millions of Americans across the country, and American businesses around the world.”
Watch Stop The Tax Attack’s new video to learn more about the negative effects of our worldwide tax system, and how switching to a competitive territorial system will help our companies, and our economy, generate greater growth opportunities.