Tags: AFP | minimum tax | US | companies | foreign earnings | koch brothers

AFP Against Any Minimum Tax on US Companies' Foreign Earnings

Image: AFP Against Any Minimum Tax on US Companies' Foreign Earnings
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By Jeffrey Rodack   |   Monday, 17 Jul 2017 02:44 PM

Americans for Prosperity, an advocacy group backed by GOP donors Charles and David Koch, has come out against the idea of a minimum tax on U.S. companies' foreign earnings, The Hill reports.

"Policymakers in Washington should be focused on making the American economy more competitive, rather than looking for new revenue streams from American businesses and their customers," AFP chief government affairs officer Brent Gardner said Monday. "Just like every other misguided tax hike, extracting more revenue from American companies comes out of the pockets of customers and consumers."

The administration and Republican lawmakers are considering lowering the corporate tax rate and moving toward a "territorial" system that only taxes U.S. companies on their domestic earnings, according to the Hill. But they want to stop businesses from moving profits to other countries in order to avoid taxes.

A past proposal would have placed a minimum tax on companies' foreign earnings that would be paid regardless of whether the profits are repatriated, the Hill reported. 

And Sen. John Thune, R-S.D., said a minimum tax is now "under discussion."

But Gardner, in a commentary published by Investor's Business Daily with James Davis, executive vice president at Freedom Partners, noted: "The United States now has one of the highest corporate tax rates in the world and it puts American businesses at a disadvantage to foreign competitors."

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Americans for Prosperity, an advocacy group backed by GOP donors Charles and David Koch, has come out against the idea of a minimum tax on U.S. companies' foreign earnings, The Hill reports.
AFP, minimum tax, US, companies, foreign earnings, koch brothers
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2017-44-17
 

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