Statements and Speeches
WASHINGTON – Today, Sen. Tom Carper (D-Del.), a member of the Senate Finance Committee, released the following statement regarding the committee's hearing on "Building a Competitive U.S. International Tax System."
"It is very clear that, like the rest of the tax code, the current U.S. international corporate tax system is in dire need of reform. The current system facilitates job creation abroad rather than here at home; it raises insufficient revenues; it makes U.S. companies vulnerable to acquisition; and it makes America's multinational companies less competitive than their foreign counterparts.
"Last summer when this committee held a hearing to examine international tax policy, it seemed we were learning each week about a new potential corporate inversion where an American company would be acquired by a foreign company, largely driven by the opportunity to lower its tax burden. While inversions may not be in the headlines as often these days, the problem has not gone away because the root cause has not been addressed.
"It is my strong belief that an overhaul of the tax code is the single best approach to make our international tax system more competitive. Through comprehensive reform, we can 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.
"When I look at tax reform ideas, I examine them individually and holistically by asking four questions: Is the proposal fiscally responsible? Will the proposal encourage economic growth and provide a nurturing environment for job creation? Does the proposal provide the certainty and predictability that families and businesses need to plan and grow? And last, but certainly not least, is the proposal fair?
"There are a number of ideas about how to address our international tax code that deserve consideration, but it is my hope that we apply a similar standard with a long-term lens as we discuss them in this committee. If we do, then I am optimistic we can find a bipartisan compromise that makes our country an even better place to do business."