Hatch Announces International Tax Reform Hearing

"Comprehensive tax reform should address the high tax rates that are currently placed on American businesses so that companies can be competitive with their foreign counterparts," Hatch said. "Left unaddressed, the high domestic corporate tax rate, combined with complicated treatment of foreign source income and base erosion opportunities, will continue to spur inversions, enhance foreign takeovers, and stifle business development and innovation. That means fewer jobs for American workers and an eroding tax base for government revenues. If we're serious about using tax reform to help American businesses and workers, we should move away from our worldwide-leaning international tax system and move towards territoriality so that American companies are not taxed both at home and abroad. The result would be more American companies establishing or retaining their corporate headquarters here and more reinvestment of money in the United States rather than abroad. I look forward to a robust discussion with my committee colleagues on how we can achieve this goal during this hearing."

The witnesses at Tuesday's hearing are:

• The Honorable Pamela F. Olson, United States Deputy Tax Leader & Washington National Tax Services Leader, PricewaterhouseCoopers LLP, Washington, DC

• Mr. Anthony H. Smith, Vice President of Tax & Treasurer, Thermo Fisher Scientific Inc., Waltham, MA

• Dr. Rosanne Altshuler, Professor of Economics and Dean of Social and Behavioral Sciences, Rutgers University, New Brunswick, NJ

• Mr. Stephen E. Shay, Professor of Practice, Harvard Law School, Harvard University, Cambridge, MA