The National Association of Manufacturers has just sent a “Key Vote” letter to the U.S. Senate opposing Senate Amendment (SA) 4567, which would make H.R. 1586 the bill to send illions of federal dollars to the states to cover teacher salaries and Medicaid. The amendment would impose $9.6 billion in tax increases on companies with with operations overseas. The letter is available here. Excerpt:
Some of the proposed tax increases, which are mischaracterized as closing tax loopholes, actually represent significant changes to pro-growth tax policy supported by Congress and the Administration.
We are disappointed that many of the Amendment’s proposed tax increases have not been adequately scrutinized during congressional hearings. In many cases, taxpayers have relied on these longstanding tax provisions in structuring their businesses. Changing the rules without fair and adequate hearings will cost in terms of jobs, investment and manufacturers’ ability to compete overseas.
Manufacturers believe strongly that changes to our international tax laws should be considered in the broader context of tax reform that makes the United States more competitive – not as “pay fors” for unrelated policy initiatives. Moreover, targeting some international tax law changes in advance of the tax reform debate would make the goal of pro-growth, pro-competitiveness reform that much more difficult, if not impossible, to achieve.
A cloture vote is scheduled on the amendment at 5:45 p.m. today.
Key Vote letters are used by the NAM to rate the voting records of members of Congress on manufacturing-related issues.
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