Lost in Republican Debate Wars is initiative by President Obama to lower corporate taxes and generally war welcome from business. SIFMA welcomed at least parts of proposal as being pro-growth “Bringing the corporate tax rate down to 28 percent will bring it more into line with the tax rates of other nations and will allow more American businesses to grow and create jobs. That’s an important step in the right direction. Pro-growth tax policies have proven to build the United States into the world's largest economy. But as our economy evolves so should our tax code, and it is critical for the future prosperity of every American that the United States continue to allow U.S. firms to grow through investment at home and compete globally. President Obama today has taken an important step by putting forward a proposal to reform our business tax code for the 21st century.” SFMA is the Securities Industry and Financial Markets Association which brings together the shared interests of hundreds of securities firms, banks and asset managers. (SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org. ) The Obama plan would also close certain alleged loopholes. SIFMA expressed some concern with some of these proposals: "The President’s proposal is partially undermined by a number of proposed tax increases, such as the proposal to create a new global minimum tax for American companies. This proposal will put American companies at a disadvantage when they are experiencing increasing competition from foreign multinational firms because by setting a minimum tax rate even with a foreign tax credit, they will likely pay a higher rate than their competitors in other jurisdictions. That said, we stand ready to work with the Administration and Congress on developing a business tax structure that will enhance economic growth and capital formation for the United States." Link to SIFMA Statement - www.sifma.org/news/news.aspx?id=8589937506 By Ambassador Muhamed Sacirbey – Follow @MuhamedSacirbey Facebook = Become a Fan at “Diplomatically Incorrect” Twitter – Follow us at DiplomaticallyX International Financial Crisis Channel - diplomaticallyincorrect.org/c/international-financial-crisis