Business Roundtable is an association of chief executive officers of leading U.S. companies working to promote a thriving economy and expanded opportunity for all Americans through sound public policy.
A major new tax hike on worldwide American companies – proposed by the Administration in its FY 2013 Budget – would repeal “deferral” for certain income derived from “intangible assets” used in overseas operations. Deferral was designed to provide a level playing field for U.S. companies competing with foreign-headquartered multinational companies in international markets.
The following resources support the findings and data described in other Business Roundtable fact sheets regarding deferral and other international tax issues.
Overseas operations by American companies expand the American economy by creating a demand for American products and services.
In a rare “controlled” experiment involving U.S. tax policy, the elimination of deferral for the American shipping industry provides clear evidence of the harm that can occur when U.S.-based international companies do not benefit from deferral. Fortunately, the recent reversal of the 1986 decision to eliminate deferral has initiated a rejuvenation of the American shipping industry and an increase in American shipping jobs.
Further limitations on deferral would endanger American jobs and lower American standard of living.
U.S. tax rules significantly affect the ability of American companies to compete in foreign markets. These rules include a provision known as “deferral,” which is a key pro-competitive international tax rule for American companies.
Global demand for American goods and services creates extraordinary opportunities for American companies and their employees, which benefits the U.S. economy and boosts American living standards. Foreign markets represent 95% of the world’s population and more than 80% of the world’s purchasing power. In many cases, in order to grow, American companies must expand in worldwide markets.
Strong worldwide operations create American jobs, boost workers’ wages, and raise America’s standard of living.
Leading Examples of Change: Deploying IT for Social Development focuses on five key areas of life in 21st century America: education, healthcare, personal finance, public administration, and entrepreneurship. Each of these areas is confronting new issues and fundamental challenges given the abundance of information and data in today’s world, the rapid pace of technological change, and an increasingly more integrated and global economy.
The following is model legislation – The Government Reorganization and Realignment Act – prepared by Business Roundtable to authorize a broader, more comprehensive reorganization of the federal government. Meaningful reorganization and realignment of federal agencies cannot be accomplished unless the Congress grants the President authority to consolidate and reorganize Executive Branch agencies.
The Keystone XL project is KEY to U.S. job creation, economic growth and energy security. After an exhaustive three-year review, numerous public meetings and multiple comment periods, the Department of State’s final Federal Environmental Impact Statement found that there are no substantial environmental concerns that should prohibit approval of the permit to allow this project to move forward.
The Business Roundtable (BRT) requests leave, pursuant to Federal Rule of Appellate Procedure 29(b) and this Court’s Rule 29.1, to file the attached short brief as amicus curiae in support of appellants the Securities and Exchange Com-mission and Citigroup Global Markets Inc.