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 How fixing the tax system will boost the US economy

"America's tax code is inefficient, outdated, and overly complex. It is stifling innovation and holding back America's economic growth," said US Senate Finance Committee Chairman Max Baucus (D-MT) and US House Ways and Means Committee Chairman Dave Camp (R-MI) in a recent joint statement.  

The chairmen of the two tax-writing committees are touring the nation for direct feedback on what would spark a more prosperous economy and make the broken tax code fairer for job creators and families. Their California trip in August will focus on, "how a simpler and fairer tax code can help spur innovation and boost America's economy."  

Their statement added: "We have a chance to fix the broken code so more jobs are created and paychecks get bigger. It is a challenge we are ready to take on. Tax reform can fuel new research and development. It can boost the economy, create jobs, and make US businesses more competitive at home and in the global marketplace. Most of all, it can provide a real shot in the arm that America needs in a struggling economy."  

According to Jamie Gebbia, Director, Tax Planning and Audits, FMC Corporation, to maintain US competitiveness, there must be overall tax reform and it should include a tax rate reduction. "US multinational companies would welcome tax reform, and we believe that overall rate reduction combined with a form of territorial would be necessary to remain competitive in a global marketplace," he went on to say.  

A speaker at the upcoming marcus evans Tax Officers Summit XVI Fall 2013, in Las Vegas, Nevada, November 14-16, Gebbia considers tax reform essential and believes it will happen in some form, but that Tax Officers should prepare their organizations for the changes coming their way.  

"The tax function always needs to be cognizant and aware of current and potential legislation in Congress, and advise senior management accordingly. It needs to be proactive in evaluating planning and structuring opportunities as well as modeling the potential impact associated with such reform," Gebbia concluded.  

For more information about the marcus evans Tax Officers Summit XVI Fall 2013, please contact: Sarin Kouyoumdjian - SarinK@marcusevanscy.com







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