The Center for Freedom and Prosperity’s (CF&P) President, Andrew Quinlan has in a statement denounced US Senator Carl Levin’s stated plan to use the amendment process on the small business lending bill to attack so-called ‘tax havens’.
Quinlan said the move demonstrated that Levin is “tone deaf when it comes to the problems facing average Americans.” Levin wants to use a bill his colleagues claim is aimed at creating jobs and helping small businesses to place new burdens on investors that will end up destroying jobs, he said.
“This is nothing new from Carl Levin,” said Quinlan. “He’s been trying for years to place Americans at a competitive disadvantage when it comes to foreign investment. That he now seeks to do so through a bill ostensibly aimed at fixing our unemployment problem is a perverse irony. Nothing he is proposing will help a single out-of-work American.”
Although Levin has yet to release the language for his amendment, he launched his most recent campaign, Business and Investors Against Tax Haven Abuse, on the back of a report by three left-wing, non-profit groups, Business for Shared Prosperity, Wealth for the Common Good and the American Sustainable Business Council. The CF&P argued that proposals detailed in the report call ‘for higher taxes on American companies that compete in the global market, onerous new reporting requirements, increased IRS enforcement powers, and provisions that would increase the cost of federal contracts.
Commenting on the report, Quinlan added: “All of these recommendations supported by Levin and his statist front groups would place US corporations at a competitive disadvantage in the international marketplace. None of them will benefit small businesses or jobless Americans.”
Concluding, Quinlan stated: “At a time when capital is increasingly mobile, and in order to remain internationally competitive, the US should reject expanding the tentacles of the IRS and instead adhere to the common-sense principle of territorial taxation. Only income earned within the territory of the United States should be subject to US tax law,” he argued.
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