WASHINGTON, D.C. – Today, House Ways and Means Chairman Kevin Brady (R-TX) released the following statement after the U.S. Treasury Department announced further regulatory developments aimed at penalizing American companies that are already burdened by an outdated and uncompetitive U.S. tax system:
“Instead of unveiling commonsense policies to help American employers compete globally and create new jobs for our workers, the Obama Administration just announced punitive regulations that will make it even harder for American companies to compete and will further discourage businesses from locating and investing in the United States. This approach continues to be a misguided, missed opportunity that will hurt American workers and their families.
“While I’m pleased the Administration continues to stress the need for tax reform, it’s clear the minor updates they have proposed to their existing framework still aren’t what is needed to fix our broken tax code. Ways and Means members will continue to move forward on a bold, pro-growth tax agenda that finally improves our economy and helps the American people.”