It’s no secret our international tax system is outdated and hinders American companies’ ability to compete. But it also poses a risk to our tax base, as other countries have modernized their systems and are rapidly attracting American businesses and jobs. It’s also the reason why over $2 trillion is locked out abroad, because of how we tax offshore income.
That’s why it’s more important than ever that international reform be an essential element of any comprehensive tax reform effort. We have to make America the best place to do business by reforming the code – or business will go elsewhere.