For Immediate Release
ASBC Statement on Federal Tax Cut Proposals
WASHINGTON - In response to Republican tax proposals expected tomorrow, the American Sustainable Business Council (ASBC) released the following statement, which may be attributed to Richard Eidlin, Co-founder and Vice President of Policy and Campaigns:
“The United State needs tax reform that will build a more sustainable economy -- but this Republican proposal is not the solution. A smart tax policy will create and maintain quality jobs at home, support small businesses and employees, and promote opportunities for more workers to own a piece of the company they work for.
“The American Sustainable Business Council appreciates efforts in the bill to support small businesses – which are a fundamental driver of new jobs and the American economy. Small businesses make up over 99% of all businesses in the U.S. and have accounted for 62% of all net new jobs since 1993. “Addressing the tax rate for small business – the majority of which are pass through businesses – is a critical step to promoting growth in the U.S. economy. But cutting the corporate tax rate significantly will not achieve the growth Republicans say it will, leading to significant deficits or cuts to infrastructure investments and other activities needed to bolster the U.S. economy. You get what you pay for. And if revenues are slashed, we will not be able to pay for investments in our future, including infrastructure.
“Sustainable tax reform would encourage domestic investments and jobs - and eliminate incentives to keep revenues offshore. Specifically, the taxation of U.S. multinational corporations should not be changed to a territorial system, under which the income they earn overseas would be free from U.S. tax. Instead Congress should pursue a framework where all goods are taxed where they are sold. This type of approach would make U.S. businesses more competitive worldwide and could also lead to over $100B in new tax revenues every year.”
The American Sustainable Business Council advocates for policy change and informs business owners and the public about the need and opportunities for building a vibrant, sustainable economy. Through its national member network, it represents more than 250,000 business owners, executives and investors from a wide range of industries.