CEOs Applaud Ways and Means Discussion Draft on Territoriality

WASHINGTON, Nov. 21, 2011  /PRNewswire-USNewswire/ -- The CEO-members of the American Business Conference (ABC) applaud the efforts of the House Ways and Means Committee, under the leadership of Chairman Dave Camp, to develop a tax reform proposal designed to move our international tax regime to a territorial basis.

Commenting on the Ways and Means initiative, John Endean, president of the American Business Conference said:

"For over twenty years, ABC members have advocated moving our business tax system to a territorial basis.  Now, at long last, we have Congressional leaders who understand that this reform would encourage business investment here at home and, with it, job creation.  This is a sea-change in attitude that all Americans should welcome.

"Given the complexity of this issue, there are bound to be differences of opinion regarding the best way to achieve a territorial system.  Debate on this matter should be encouraged, provided that it does not obscure the consensus within the business community and among tax professionals that territoriality is the direction in which business taxation must move.

"We are on the verge of an international tax reform that will pay real benefits for our citizens.  Let's keep our eyes on that prize while encouraging discussion about how best to reach that goal.  The House Ways and Means Committee is showing us the way."

SOURCE American Business Conference, Inc.