House Republicans support comprehensive tax reform to get Americans working again and our economy back on track. Independent economists estimate that, when coupled with reduced federal spending, comprehensive tax reform could lead to the creation of 1 million jobs in the first year alone.
A key component of the House Republican tax reform plan is shifting from a “worldwide” system of taxation – which double taxes American companies when they attempt to compete with foreign companies in overseas markets – to a more competitive, pro-job creation “territorial” tax system that puts our companies on a level playing field with foreign competitors.
In its effort to reform our highly technical and complex international tax laws, the Ways and Means Committee has held many public hearings involving these policies. Building on the testimony received, the Committee is now releasing a discussion draft of a territorial tax plan to garner more specific input from employers, workers, tax practitioners and other tax experts.
Below is information on our current international tax laws and the discussion draft, which seeks to make America more competitive while addressing concerns that some have raised about the impact of a territorial system on the U.S. tax base.
Submit your comments on this discussion draft by email at WMTaxReform@mail.house.gov.
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COMMITTEE on WAYS and MEANS