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  • Press Release

ACC Welcomes Progress on Tax Reform

Tax System Must Reflect Importance of U.S. Manufacturing

Jennifer Scott

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.”

American Chemistry Council

The American Chemistry Council’s mission is to advocate for the people, policy, and products of chemistry that make the United States the global leader in innovation and manufacturing. To achieve this, we: Champion science-based policy solutions across all levels of government; Drive continuous performance improvement to protect employees and communities through Responsible Care®; Foster the development of sustainability practices throughout ACC member companies; and Communicate authentically with communities about challenges and solutions for a safer, healthier and more sustainable way of life. Our vision is a world made better by chemistry, where people live happier, healthier, and more prosperous lives, safely and sustainably—for generations to come.

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