Illinois Businesses' Letter to Hastert Urging Repeal of FSC/ETI
Illinois Businesses' Letter to Hastert Urging Repeal of FSC/ETI
- Institutional AuthorsAgilent TechnologiesCargill Inc.Citigroup Inc.Deere & Co.Dow Chemical Co.EDSExxon Mobil Corp.General Motors Corp.Hewlett-Packard Co.Mars Inc.Praxair Inc.Procter & GambleWal-Mart Stores Inc.3M
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2003-15383 (1 original page)
- Tax Analysts Electronic Citation2003 TNT 123-48
June 20, 2003
The Honorable J. Dennis Hastert
The Speaker
H-232, The Capitol
Washington, D.C. 20515
Dear Mr. Speaker:
[1] As significant Illinois employers, we write to express our support for legislation that recognizes the need to maintain the international competitiveness of American businesses and their workers.
[2] As you know, the World Trade Organization has ruled that the U.S. FSC/ETI export tax incentives violate international trade rules and must be repealed or the United States could face up to $4 billion in annual export sanctions from the European Union. In responding to the WTO FSC/ETI ruling, we believe that the Congress should take account of the vital role that U.S. companies with global operations play in increasing U.S. exports and U.S. jobs.
[3] We agree with the Bush Administration's views on this matter -- articulated in the FY 2004 Budget -- that "in order to ensure the ability of U.S. workers to achieve higher living standards, we must ensure that the U.S. tax law does not operate to hinder the ability of the U.S. businesses that employ those workers to compete on a global scale."
[4] Mr. Speaker, we encourage you to support the legislative approach (along the lines of the bill expected to be introduced by Chairman Bill Thomas) that would repeal FSC/ETI and replace it with important pro-employment business tax provisions that, among other things, address fundamental inequities in our international tax system. The current U.S. international tax rules have the perverse effect of hampering the global competitiveness of the full range of American, and Illinois, companies -- i.e., manufacturers, services, high technology and agriculture.
Sincerely,
Agilent Technologies
Cargill, Incorporated
Citigroup, Inc.
Deere & Company
The Dow Chemical Company
EDS
Exxon Mobil Corporation
General Motors Corporation
Hewlett-Packard Company
Mars, Inc.
Praxair, Inc.
Wal-Mart Stores Inc.
3M
- Institutional AuthorsAgilent TechnologiesCargill Inc.Citigroup Inc.Deere & Co.Dow Chemical Co.EDSExxon Mobil Corp.General Motors Corp.Hewlett-Packard Co.Mars Inc.Praxair Inc.Procter & GambleWal-Mart Stores Inc.3M
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2003-15383 (1 original page)
- Tax Analysts Electronic Citation2003 TNT 123-48