Federal Spotlight: ABI joins national tax reform letter

ABI has signed on to a letter sent to Treasury Secretary Steven Mnuchin that encourages pro-growth tax reform to be enacted at the federal level. The letter, written by the National Association of Manufacturers (NAM), centers around the tax treatment of offshore earnings in moving to a territorial tax system. It calls for a “two-rate approach in taxing foreign earnings that distinguishes between short-term cash reserves and income reinvested in other assets.” You can read the full letter here. Comprehensive tax reform is a top priority for the business community as well as Congress and the Administration. Lawmakers are expected to begin work on the subject once they return from August recess.