Let’s Invest for Tomorrow (LIFT) America is a coalition of U.S.-headquartered companies, trade associations and economic stakeholders representing industries that are critical to the American economy. To ensure continued economic growth, job creation and innovation in today’s highly competitive global marketplace, the coalition supports tax reform that modernizes the U.S. international tax system to the benefit of all Americans.
The coalition educates policymakers and the public to raise awareness of the significant economic harm caused by our outdated international tax laws. It also promotes sensible reforms that move the United States closer to 21st Century norms for global taxation and removes barriers that prevent foreign earnings to be returned and invested in the American economy.
PRINCIPLES FOR REFORM
To ensure continued economic growth, job creation and innovation in today’s highly competitive global marketplace, the United States must reform its fundamentally broken tax code, which no longer serves our national interests.
In that spirit, the LIFT America Coalition believes comprehensive international corporate tax reform should:
- Modernize our international tax system by eliminating the double layer of taxation on overseas earnings that currently prevents that capital from being freely invested in the U.S. economy.
- Simplify the tax code and make reforms permanent, providing the certainty needed to make America the world’s most attractive place to locate and build a business.
- Protect the U.S. tax base by creating clear, manageable standards for globally engaged U.S.-headquartered companies who pay taxes at home and abroad.
- Apply revenues generated by tax reform to the reduction of the U.S. corporate tax rate and the costs associated with transitioning to a modern international system.
- Utilize scoring rules that take into account the reality of the pro-growth benefits of tax reform on the U.S. economy and more specifically for American workers.
Members of the LIFT America Coalition include – 3M, Caterpillar Inc., Cisco, Eli Lilly and Company, Emerson, Financial Executives International, Honeywell International, Inc., Hewlett-Packard Company, Information Technology Industry Council, Intel, Johnson & Johnson, National Foreign Trade Council, Pfizer, Procter & Gamble, Semiconductor Industry Association, TechNet, The Coca-Cola Company, United Technologies Corporation, Wal-Mart Stores, Inc., Xerox Corporation, and Yum! Brands.