Washington – Mark A. Weinberger, Global Chairman and CEO of EY and Chair of the Business Roundtable Tax and Fiscal Policy Committee, issued the following statement in advance of today’s House Ways and Means Select Revenue Measures Subcommittee hearing on the taxation of repatriated foreign earnings as a possible source of funding for the Highway Trust Fund.

 

“Business Roundtable supports funding the Highway Trust Fund and believes that a comprehensive modernization of the business tax system through tax reform has the potential to help provide solutions to address America’s infrastructure needs and help grow the economy.

 

“A mandatory tax on prior foreign earnings (repatriation tax) has been discussed as part of a package that includes pro-growth reform of the tax system. Using revenue from this tax to support stand-alone unrelated new spending would imperil the ability to achieve meaningful tax reform supported by Congress and the Administration. 

 

“Business Roundtable has issued tax principles that support a modernization of the tax code that includes setting a competitive corporate tax rate and an overhaul of our outdated international tax rules. Such reforms can provide a major boost to economic growth and business investment, and promote job creation and higher wages. These reforms can be undertaken in a fiscally responsible manner by offsetting any revenue loss with changes to the tax system that broaden the tax base, including repatriation proposals as part of a transition to a modern international tax system.”