A Bold and Necessary Step for Tax Reform
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Walter Galvin, vice chairman of Emerson, had a good op-ed in Investor’s Business Daily this morning complimenting Ways & Means Chairman Dave Camp’s recently released discussion draft suggesting a shift to a territorial tax system. Galvin writes that “it’s no secret that America is losing its competitive edge. Our antiquated federal tax code is largely to blame.” The Chamber seconds that sentiment.
We also agree with Galvin that Chairman Camp’s plan is “the first tangible proof that someone in Washington truly understands what needs to be done if the U.S. is to remain competitive internationally.” The Chamber has long supported a shift to a territorial tax system and a lower corporate tax rate as part of comprehensive tax reform. We applaud Camp’s willingness to introduce a plan that contains those provisions and appreciate the opportunity he has given the business community to provide feedback.
While we continue to assess the details and get feedback from our members, we believe Chairman Camp’s proposal is a bright spot, showing that his Committee is ready to rise to the challenge of tax reform. Undoubtedly, the road to comprehensive tax reform will be a long and arduous one but we look forward to working with the Chairman and other members of Congress to craft a tax system that ensures that American worldwide companies can adequately compete.