Tax Reform Is ‘Critical to US Competitiveness’
OFII issued the following statement in response to the Unified Framework for Fixing Our Broken Tax Code.
WASHINGTON – Nancy McLernon, president and CEO of the Organization for International Investment (OFII), issued the following statement after today’s U.S. Investment Advisory Council (IAC) meeting. This was the first meeting of the IAC since President Trump took office.
“I applaud Secretary Ross for convening today’s meeting focused on inbound global investment, which supports millions of U.S. jobs that pay 30 percent higher wages and benefits than the economy-wide average. When a foreign-based company – such as Nestlé, Siemens or Toyota – invests and creates jobs in the United States, it is a vote of confidence in the U.S. economy. It was clear from today’s discussion that global investment policies should play a key role in the Administration’s efforts to make America more competitive. I look forward to working with Secretary Ross, the Commerce Department and SelectUSA to keep the United States as the top destination for global investment.”
Across the nation, 6.4 million U.S. workers are employed by global investment, including more than two million in the manufacturing sector. U.S. workers at foreign-based companies earn 30 percent higher compensation than the economy-wide average - making an average of $80,041 annually. In addition to the 6.4 million direct U.S. jobs global investment provides, 8.5 million U.S. jobs are supported through domestically sourced supply chains. Despite representing less than one-percent of all U.S. businesses, foreign-based companies support 17 percent of all U.S. private-sector research and development, produce 26 percent of all U.S. exports and pay 17 percent of all U.S. corporate taxes.
The IAC serves an important role in advising the Secretary of Commerce on critical issues affecting inbound foreign direct investment. This 18-person panel was created in 2016 to provide private-sector recommendations on policies that will make the United States more competitive for inbound global investment. Its membership includes business executives, economic developers and business association leaders from across the country.
Nancy McLernon is an inaugural member of the U.S. Investment Advisory Council.
About OFII
Created more than two decades ago, the Organization for International Investment (OFII) is a non-profit business association in Washington, D.C. representing the U.S. operations of many of the world's leading global companies, which insource millions of American jobs. OFII works to ensure the United States remains the top location for global investment. As such, OFII advocates for fair, non-discriminatory treatment of foreign-based companies and promotes policies that will encourage them to establish U.S. operations, increase American employment, and boost U.S. economic growth. For more information, please visit www.OFII.org.
