Senator Takes Next Step toward Building Simpler, Fairer Tax Code Continues Effort to Maximize Transparency, Public Participation
Washington, DC—(ENEWSPF)—November 19, 2013. Montana’s senior U.S. Senator Max Baucus took a major step forward today in his efforts to close loopholes and build a simpler, fairer tax code for working families and small businesses. Baucus unveiled the first in what will be a series of so-called ‘discussion drafts’ – detailed policy options designed to spark debate and maximize public input as legislation moves forward.
Baucus’ first discussion draft focuses on ways the tax code can discourage companies from shifting jobs overseas and bring investment back to the United States.
“Our goal is to bring jobs back to the U.S. and give American workers a competitive edge in the global economy,” Baucus said. “By building a better tax code, we can encourage companies to grow right here in America and bring money back to the U.S. to invest in roads, education and paying down our debt.”
Baucus’ discussion draft outlines proposals to bring jobs and investment back to the U.S. by:
Ensuring companies pay their fair share of taxes on profits they have been keeping overseas, and encouraging companies to bring those profits back to the U.S. to invest in American jobs;
Making it harder for multinational corporations to avoid paying U.S. taxes by shifting profits to so-called ‘tax havens’ overseas;
Making the U.S. more attractive and competitive for companies to invest in and create jobs; and
Reducing incentives for U.S. companies to move jobs or the entire company overseas.
Earlier this month, Baucus took to the Senate floor to highlight specific examples where the outdated tax code was hurting American competitiveness. Baucus cited Applied Materials, one of the largest players in Silicon Valley, which also employs more than 500 employees at three facilities in Montana.
For nearly 50 years, Applied Materials was headquartered in Santa Clara, California. But, Baucus explained, after merging with a Japanese company called Tokyo Electric, Applied Materials moved its headquarters, not to Japan, but to the Netherlands. And among the top reasons the company noted, were lower taxes. (Read Baucus’ full speech HERE).
Today’s discussion draft puts forth ideas to discourage companies like Applied Materials from moving overseas.
Transparency and Public Comment
• Baucus is encouraging Montanans to review his discussion drafts and weigh in. He will be collecting feedback on the international tax reform discussion draft until January 17, 2014 and comments can be sent to: //www.senate.gov/cgi-bin/exitmsg?url=mailto%[email protected]
• Baucus’ discussion drafts come after more than 50 public hearings in both the Senate and House. Baucus also launched a website to collect ideas from working families and small businesses, solicited ideas from all 100 Senators, and formed a 15-member working group of Montanans from various industries to advise him and provide feedback on legislative proposals that may be considered.
• Many of the ideas Baucus will put forth in discussion drafts come from feedback he received from his Montana Tax Council, as well as the public and other members of the Senate on both sides of the aisle.
• Later in the week Baucus is expected to release discussion drafts aimed at closing loopholes and making the tax code simpler for families and small businesses.
• Together, the discussion drafts will lay the groundwork for legislation to build a simpler, fairer tax code.