WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Obama and Treasury Secretary Geithner announced components of the Administration’s plan to reform our nation’s international tax laws:
“The proposal announced today by President Obama is a needed step to reform tax laws that currently give a competitive advantage to businesses that invest overseas rather than in our own nation, and that allow the wealthiest to avoid paying their fair share. Our tax system must reward those who create jobs and encourage business growth here in the United States while ensuring the global competitiveness of U.S. businesses. Reducing the use of tax havens and providing additional resources to crack down on abuses of international tax laws will save American taxpayers billions of dollars. Just as importantly, the savings will be used to provide tax relief for businesses that invest and create jobs in the United States.
“This is just the beginning of Congress’ efforts to reform our tax code. The proposals announced today build on the work done by Ways and Means Committee Chairman Charlie Rangel, Congressman Lloyd Doggett and others in Congress. I look forward to working with President Obama and Chairman Rangel as we move forward with reforms that promote economic growth and job creation as well as making our tax system fairer and simpler for all Americans.”