Washington D.C. – Ways & Means Ranking Member Dave Camp (R-MI) released the following statement today after President Obama announced his plan to alter the tax code:

“We clearly need to reform our international tax laws, and no one should be able to shirk paying the U.S. taxes they owe. But this proposal isn’t about closing loopholes; it is about closing the door on good paying American jobs at companies like Caterpillar and Cisco.  Raising taxes on them, particularly during a recession, is taking the wrong action at the wrong time.  Ironically, what the President proposes will make it more likely that American companies will be bought by their foreign competitors.  If you liked Anheuser-Busch being bought by InBev and think it is a good idea for Fiat to own Chrysler, this is the budget proposal for you.”