Statements and Speeches
WASHINGTON – Today, Sen. Tom Carper (D-Del.), a member of the Senate Finance Committee, attended the Senate Finance Committee hearing on “The U.S. Tax Code: Love It, Leave It or Reform It!”
A copy of Sen. Carper's remarks, as prepared for delivery, follows:
“Thank you Mr. Chairman for holding this important hearing today.
“Your predecessor in this committee, Ambassador Baucus, put in a lot of good work, along with Chairman Camp in the House, on advancing the conversation on comprehensive tax reform. However, he didn't get tax reform across the finish line before he left and I look forward to working with you, Ranking Member Hatch and the rest of our colleagues on this committee in that goal.
“I often talk about addressing root causes as opposed to symptoms of a problem. One of the symptoms we're here to discuss today is the concerning trend of corporate inversions. Some of our colleagues have suggested some intriguing proposals to address this particular problem that I will continue to review. However, it is my strong belief that an overhaul of the tax code is the single best approach to address this critical issue and many others.
“There is no question that our country’s outdated corporate tax system is in need of serious revision. Current corporate tax structure unfortunately incentivizes companies to harbor money and relocate jobs overseas. We can’t allow this to become a trend, where companies that have benefited greatly from our universities, our workforce, and our local and state governments pack up and go overseas because we in Congress haven't acted to make America’s corporate income tax more internationally competitive. When we do act on comprehensive tax reform we will incentivize more companies to domicile in the United States because our markets are robust, access to capital and labor is plentiful, and our corporate governance model is transparent and effective.
“I look forward to hearing from our panel of witnesses today on what they love, what they would leave and what they would reform in our tax code. This issue that affects our ability to pay our bills and to compete in a global economy will continue to be a priority for me.”