WASHINGTON (September 27, 2017) – The American Chemistry Council (ACC) issued the following statement in response to today’s announcement by the White House and Republican leaders in Congress.
“We applaud the White House and Republican leaders in Congress for taking the next step toward modernizing our nation’s tax code. We hope to see enactment of a fair, simpler and internationally competitive system that promotes American economic growth and job creation.
“Chemistry is an advanced manufacturing industry and essential to our economy. We provide 811,000 skilled jobs and account for 14 percent of U.S. exports. Thanks to domestic shale gas, we are in growth mode: Since 2010, chemistry companies have announced $185 billion in new investment to build or expand facilities in the United States.
“We believe business tax reform must reflect the importance of American manufacturing and the jobs it creates. We support a substantial rate reduction, a competitive territorial system and transition rules that avoid financial dislocation, contraction or reduction in jobs. Reform should produce a more level playing field for U.S. and foreign companies when they invest at home or abroad.
“Outside of comprehensive tax reform, we strongly oppose proposals to tax historical foreign earnings. If deemed repatriation is included, then lawmakers must distinguish between earnings reinvested in plants and equipment and those held in simple cash reserves by enacting a bifurcated rate. We support permanent tax reform in order to drive sustained economic growth in the 21st century.
“We urge policymakers to continue their progress toward enactment of comprehensive tax reform, and we look forward to working with key committees in the House and Senate to discuss its very real impacts for the U.S. manufacturing sector, chemical industry and economy.”