Washington, D.C. – November 2, 2017 – The following statement is attributed to Jason Oxman, CEO, Electronic Transactions Association (ETA), the trade association of the global payments technology industry, regarding today’s release of the Tax Cuts and Jobs Act:
“We applaud House leadership and the Ways and Means Committee for moving forward with the much-needed tax reform bill. The release of this plan is welcome news for American businesses and the U.S. economy. The U.S. has one of the highest corporate tax rates and the most complex tax code in the world. We support reform of the corporate tax system to stimulate the economy, grow jobs and make U.S. firms more competitive both here and abroad.
There are many provisions to stimulate the economy, including lowering the corporate rate, shifting to a territorial system, and encouraging repatriation of overseas earnings. While we are concerned with limitations on deductibility of interest expense and the tax on foreign earnings, we are willing to work with Congress as the reform process moves forward.
The American tax system has not been updated in more than 30 years. We hope the final bill will lower the corporate tax rate; preserve the deductibility of interest; shift the U.S. to a territorial tax system for international income; allow immediate expensing of capital purchases; and create a repatriation holiday to bring overseas earnings back to the U.S.”