Center for Freedom and Prosperity
For Immediate Release
Monday, July 22, 2010
CF&P President Opposes Senator Levin’s Latest
Attack on So-Called Tax Havens
(Washington, D.C., Monday, July 22, 2010) The Center for Freedom and Prosperity’s president, Andrew F. Quinlan, reacted today to Senator Carl Levin’s stated plan to use the amendment process on the small business lending bill to attack so-called “tax havens.” Proving to be tone deaf when it comes to the problems facing average Americans, Senator 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.
“This is nothing new from Carl Levin,” said CF&P President Andrew 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 Senator 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, nonprofit groups, Business for Shared Prosperity, Wealth for the Common Good and the American Sustainable Business Council. In the report, they call for higher taxes on American companies that compete in global market, onerous new reporting requirements, more power for the IRS, and provisions that would increase the cost of federal contracts.
Commenting on the report Quinlan said, “All of these recommendations supported by Senator Levin and his statist front groups would place U.S. corporations at a competitive disadvantage in the international marketplace. None of them will benefit small businesses or jobless Americans.”
Quinlan concluded by saying, “At a time when capital is increasingly mobile, and in order to remain internationally competitive, the U.S. 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 U.S. tax law.”
For additional comments:
Andrew Quinlan can be reached at 202-285-0244, email@example.com