TAXPAYER PROTECTION PLEDGE ALERT:
ATR WILL KEYVOTE AGAINST H.R. 5893, LEVIN TAX BILL
Americans for Tax Reform is opposed to H.R. 5893, a bill which would raise net income taxes by $4 billion over the next decade. Because this bill is a net income tax increase, voting for it is a violation of the Taxpayer Protection Pledge.
H.R. 5893 imposes a dozen new tax increases on U.S. employers doing business overseas. The United States is one of the last developed nations to tax on a worldwide basis, which exposes our taxpayers to international double-taxation. To ameliorate this burden, Congress has created a series of exclusions, deferrals, deductions, and credits to prevent paying taxes twice on the same income. A more rational system would tax on a territorial basis (only seeking to tax that income earned in the United States), and these tax relief measures would no longer be necessary. But to get rid of these tax measures outside the context of international tax reform is irresponsible, and will cause American jobs to move overseas. When combined with the fact that the United States has the highest corporate income tax rate in the world, these tax hikes are almost certainly job-killers.
The tax relief in the bill is almost entirely at the service of state and local governments going into more debt. This is not pro-growth tax policy, and cannot justify the job-killing offsets referenced above.
On net, the bill raises income taxes by $4 billion over the next decade. As a result, this bill violates the Taxpayer Protection Pledge signed by 174 Congressmen. A vote for this bill is a vote against taxpayers. ATR will be key-voting a vote against this bill in our annual Congressional scorecard.
ATR IS OPPOSED TO H.R. 5893, WILL KEVOTE AGAINST;
VIOLATES TAXPAYER PROTECTION PLEDGE