Multinationals Oppose Obama Proposal on Foreign Earnings Tax

Posted March 25, 2009 at 11:02am

A laundry list of multinational corporations and trade associations signed on to a letter Tuesday opposing a foreign earnings tax pitched by President Barack Obama in his budget blueprint. The measure is now under consideration by lawmakers.

“Ninety-five percent of the world’s consumers live outside the United States,— the letter’s co-signers wrote Tuesday. “American companies seeking to serve these consumers rely on growth in these markets to restart economic growth and create jobs for Americans.—

The letter was signed by 200 companies and trade groups, including the U.S. Chamber of Commerce, the National Association of Manufacturers, General Electric Co., Alcoa Inc., Caterpillar Inc., ConocoPhillips Co. and Johnson & Johnson.