U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement on the administration’s corporate tax reform plan released today:

“It’s appropriate for the White House to acknowledge that the corporate tax code stifles economic growth, undermines the competitiveness of U.S. firms, and needs reform. We welcome the opportunity to work with the administration and Congress to improve the system, strengthen the economy, and help American companies compete and win.

“However, we’re disappointed the White House proposal does not adopt a territorial tax system that would put an end to the double taxation of profits earned by U.S. companies overseas. America is the only major country that disadvantages its own firms competing globally. These companies employ millions of Americans here at home and make significant contributions to our economy.

“Also, we will be forced to vigorously oppose pay-fors that pit one industry against another or lavish favors on some while punishing others.

“What’s really needed is a comprehensive overhaul of the entire system that broadens the tax base, lowers rates for individuals and corporations, and simplifies compliance. Such reform would be a boon to economic growth, jobs, and American competitiveness.”