America is losing ground: In 1960, U.S.-headquartered companies comprised 17 of the world’s largest 20 companies - that’s 85 percent. By 2010, just six - or a mere 30 percent - U.S.-headquartered companies ranked among the top 20.
Our foreign competitors are actively reforming their tax laws: Other countries are actively reforming their international tax codes - giving employers lower rates and moving towards a territorial tax system. Countries like the United Kingdom, Canada, and Germany, have recently lowered their tax rates to spur job creation and economic growth. Yet, America is sitting on the sidelines doing nothing. The United States cannot sit back and watch jobs go overseas because the tax code provides such perverse incentives. An overview of the discussion draft along with a detailed summary can be found at the Ways and Means website.
SUBCOMMITTEE: Select Revenue Measures SUBCOMMITTEE: Full Committee
