FEI Tax Committee: Rangel Bill May Harm Global Competitiveness

FLORHAM PARK, N.J., Oct. 31 /PRNewswire-USNewswire/ -- Financial Executives International (FEI), the preeminent association for financial executives, today issued a response to House Ways & Means Committee Chairman Charles Rangel's (D-NY) "Tax Reduction and Reform Act of 2007," a comprehensive tax reform package introduced on October 25, 2007 that would greatly affect both individual and corporate taxpayers.

Most significantly, the bill proposes repealing the individual alternative minimum tax (AMT) and lowering the top marginal corporate income tax rate from 35 percent to 30.5 percent. The bill includes a number of "revenue offsets" designed to pay for the costs of AMT repeal and corporate rate reduction. FEI's Committee on Taxation (COT) will be taking a close look at all aspects of the proposal over the coming months, and will seek a meeting with Chairman Rangel and his staff to articulate its views.

Access the full press release here.