Washington – The PACE—Promote America’s Competitive Economy—Coalition today issued the following statement ahead of Thursday’s Senate Committee on Finance hearing on How U.S. International Tax Policy Impacts American Workers, Jobs, and Investment:
“America needs an ambitious agenda as we work to ensure we emerge from the pandemic stronger than before. With the global economy devastated by the pandemic, any changes to our international tax system must strengthen U.S. global competitiveness. Raising taxes on globally engaged American companies would damage our economy and risk giving an advantage to our competitors who continue to prioritize policies to promote economic growth.
“The COVID-19 pandemic curtailed what was the most robust period of economic growth in decades. This progress came in part due to 2017 reforms that overhauled many aspects of the U.S. international tax system and brought the United States into alignment with our competitors, reasserting American economic leadership. This reform resulted in positive results in the U.S. economy – increased real wages for workers, increased domestic R&D spending, and increased capital investment.
“The PACE Coalition is working to ensure that America continues to lead the global economy and that globally engaged American companies, which roughly 71 million American jobs depend on, continue to add to our economic growth. PACE advocates for public policies that ensure these companies remain leaders in an increasingly competitive global economy and that the playing field is level for their worldwide operations.”