Crowley Statement on President Obama's Remarks on Tax Reform
(Washington, D.C.) – Congressman Crowley (NY-7) released the following statement in response to President Obama’s remarks today regarding tax reform:
"Corporate tax reform is urgently needed to guarantee US companies are competitive with their international competitors and have the resources to continue to grow, invest, and create US jobs. As a member of the Ways and Means Committee, I welcome the opportunity to review the nation's corporate tax laws and applaud President Obama’s comments today on tax reform.
"There is no doubt US companies are still the world leaders in innovation and technological advancement, but we must take steps to ensure that our companies are competing on a level playing field with their global counterparts. I welcome the President’s pledge to make permanent the research and development tax credit, a critical move that will ensure American companies continue to be at the forefront of creation right here in the US.
"At the same time, any tax reform must protect US multi-national companies, including Citibank which is the largest private sector employer in Queens, so they are not subject to double taxation overseas – which puts them at a competitive disadvantage against their foreign rivals.
"Additionally, Congress must address the kink in current tax law that punishes US companies that want to bring back the profits they earn internationally. There are estimates that US companies are holding between $900 billion - $1.2 trillion in capital overseas. Current law must be changed so these dollars will flow back to the US and reinvested in our economy and job creation.
"In the weeks ahead, I will work with Chairman Rangel, Secretary Geithner and the Obama Administration to make sure we enact tax reforms that enable US companies to continue global investment, prevent double taxation, and encourage the return of foreign-earned profits to the US."
Congressman Crowley is a member of the exclusive Committee on Ways and Means with jurisdiction over taxation, and a leader of the New Democrat Coalition.