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Editorials and Op-eds

July 9, 2010 - Wall Street Journal (Op-Ed), "America's Growing Innovation Gap," John Lechleiter, President and CEO, Eli Lilly and Company
The Senate continues to debate tax legislation already passed by the House that could prove pivotal for America's innovative companies. While the legislation would extend the R&D tax credit, the bill also includes international tax revenue raisers that will hurt the U.S. economy and deplete American jobs. These taxes further exacerbate the problems with our corporate tax system, which is already out of step with the rest of the world.

June 21, 2010 - Wall Street Journal (Editorial), "Japan's Corporate Tax Breakout"
Japan's corporate tax cut, if approved by parliament, would leave the United States as the developed world's high-tax champion, with a 39.2% corporate rate (combined federal and state average). That ought to alarm even the Obama Administration, which is still proposing to raise taxes on U.S. businesses by eliminating tax credits on foreign-earned income. Companies wouldn't need those credits if the U.S. corporate rate were competitive.

June 3, 2010 - NDN.org (Op-Ed), “Some Hard Truths About Globalization and Jobs,” Robert J. Shapiro, Chair of the Globalization Initiative, NDN
The reason that our tax system has provided this tax “deferral,” for nearly as long as we’ve had a corporate income tax, is that America is nearly the only major country that taxes its businesses on their worldwide income, regardless of where it’s earned.

March 16, 2010 - The Hill (Op-Ed), "U.S. Firms Doing Business Abroad Pay Fair Tax Share," Rep. Patrick Tiberi (R-OH)
If you have followed the discussion surrounding tax reform over the past year, you are familiar with a favorite talking point of those seeking to raise taxes in the name of fairness: American companies need to pay their fair share. Less than one year ago, President Barack Obama submitted tax proposals in his first budget proposal to Congress. Front and center were a number of initiatives under the heading “Reform U.S. International Tax System.”

November 6, 2009 - Washington Times (Op-ed), "Chasing Out the Multinationals," Robert J. Herbold, Managing Director, Herbold Group LLC; and Scott S. Powell, Managing Director, AlphaQuest LLC and Visiting Fellow, Hoover Institution
[R]ecently the Obama administration proposed taxing the foreign profits of U.S.-based multinationals even when those profits were not repatriated, but backed away under pressure from executives who threatened to move offshore.... Washington needs to wake up and see the big picture. Now more than ever, it is all about keeping and creating jobs. We can't afford to chase multinational corporations out of the United States.

News Clips

August 27, 2010 - CQ Today, "Administration Releases Report on Options for Tax Code Overhaul"
The White House released a long-awaited report on Friday that outlines options for overhauling the tax code. The 126-page document, created by an offshoot of the President’s Economic Recovery Advisory Board, does not endorse any of the listed options and does not represent official White House policy. Instead, the group, led by former Federal Reserve Chairman Paul A. Volcker, tries to set out options for upcoming debates on taxes, including a long list of suggestions that would simplify the tax system, improve compliance and revamp the corporate tax code.

May 25, 2010 - CongressDaily AM, "Reid Hints At Weekend, As 'Extenders' Opposition Mounts"
"Although our company has been a longtime supporter of the R&D tax credit that has enjoyed bipartisan support in Congress over many years, the pending legislation would impose significant new tax increases that will completely overwhelm any positive economic effect of the R&D tax credit, harming the U.S. economy just as recovery has begun," IBM vice president for governmental programs Christopher Padilla wrote to House members Monday. In fact, concern among the high-tech community was widespread, as the Information Technology Industry Council joined four broader business groups -- the U.S. Chamber of Commerce, National Association of Manufacturers, Business Roundtable and National Foreign Trade Council -- in a joint letter opposing the international tax increases.

May 24, 2010 - Dow Jones, "Obama Administration Offers Strong Support For Tax And Jobless Bill"
Business lobbying groups have denied that the tax changes address loopholes. Five of the largest business trade associations--the U.S. Chamber of Commerce, the Business Roundtable, the Information Technology Industry Council, the National Association of Manufacturers and the National Foreign Trade Council-- wrote in a Monday letter the international tax proposals "make a bad situation worse, making it even more difficult for American worldwide companies to compete."

October 13, 2009 - Wall Street Journal, "Business Fends Off Tax Hit"
... [A] coalition of business groups persuaded nearly 300 large companies, from Adobe Systems Inc. to Xerox Corp. to Yum! Brands Inc., to put their names to a letter to all members of Congress. The letter criticized the deferred-tax proposal and the administration's rhetoric about it, particularly the White House's lumping together of companies that use deferrals, which are legal, with companies accused of illegal tax practices. Deferral, and related tax credits for companies competing in markets abroad, "are integral parts of the U.S. tax system -- not 'tax loopholes,' " the letter read. "It is inaccurate and misleading to represent them as such."

October 6, 2009 - Wall Street Journal, "Is a Corporate Tax Overhaul Next?"
Prospects for action on a corporate tax overhaul next year have increased dramatically in recent weeks, according to a variety of players. House lawmakers could start holding hearings on corporate taxes almost immediately after the Obama administration’s advisory tax panel releases its options list in early December, setting the stage for a momentous debate in 2010.... [B]usinesses are worried that the government’s financial situation has gotten so bad in the last year that Congress will impose the tax increases without an offsetting rate cut, unless corporations get on board quickly.