IRS removal of 'overly broad' stock buyback provision restores America's economic competitiveness
WASHINGTON, D.C. — Jonathan Samford, President & CEO of the Global Business Alliance (GBA), issued the following statement in response to the Internal Revenue Service’s (IRS) decision to remove the proposed “funding rule” from the stock buyback regulations:
“The Trump Administration’s decision to correct this misguided and overly broad proposal from the stock buyback rules is a victory for the millions of Americans who earn a paycheck from an international company in America. It is reassuring that the Treasury Department carefully considered the real-world impact that this provision would have had on cross-border investment and normal business operations. This decision provides needed clarity and prioritizes growing global investment in America.”