Congressman Dave Camp (R-MI), Chairman of the Committee on Ways and Means, today announced that the Committee will hold a hearing on the burdens that the tax code imposes on American companies and how such burdens place them at a competitive disadvantage as they try to sell goods and services around the world.  The hearing will explore the potential economic and job creation benefits of comprehensive tax reform.  The hearing will take place on Thursday, May 12, 2011, in Room 1100 of the Longworth House Office Building, beginning at 9:00 A.M.

In view of the limited time available to hear witnesses, oral testimony at this hearing will be from invited witnesses only.  However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.  A list of invited witnesses will follow.

BACKGROUND:
It has been almost 50 years since the last time Congress fundamentally reformed the tax rules governing international business and cross-border transactions.  During that time, the nature of the global economy and the position of the United States within it have changed dramatically.  There is a growing concern among employers, practitioners, economists, and academics that international tax laws that made sense when the United States accounted for 50 percent of the world’s gross domestic product (GDP) might no longer make sense in today’s increasingly competitive and global economy.  According to recent testimony from the Chairman of the Business Roundtable’s Fiscal Policy Initiative, the U.S. corporate tax system results in American companies being less globally competitive, less investment in the United States, fewer jobs for American workers and less economic growth.

In announcing this hearing, Chairman Camp said, “It’s been 25 years since we reformed the tax code, and almost 50 years since we undertook a bottom-up review of our international tax laws.  During that time, our foreign competitors have lowered their corporate tax rates and updated their international tax regimes to reflect the realties of the global economy.  As we pursue tax reform, we need to consider how to make American companies more competitive and how to make the United States a more attractive place to invest and create jobs.”

FOCUS OF THE HEARING:
The hearing will examine how the current structure of the international tax rules might distort economic decisions and the allocation of resources in ways that reduce employment for American workers and hamper the efforts of American employers to compete with foreign companies in global markets.  In the context of comprehensive tax reform that substantially lowers marginal rates on individuals and corporations, the hearing will investigate which reforms to the international tax rules might improve the ability of American companies to compete and create jobs. 

DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:
Please Note: Any person(s) and/or organization(s) wishing to submit written comments for the hearing record must follow the appropriate link on the hearing page of the Committee website and complete the informational forms. From the Committee homepage, https://waysandmeans.house.gov, select “Hearings.”  Select the hearing for which you would like to submit, and click on the link entitled, “Click here to provide a submission for the record.”  Once you have followed the online instructions, submit all requested information. ATTACH your submission as a Word document, in compliance with the formatting requirements listed below, by the close of business on Thursday, May 26, 2011.  Finally, please note that due to the change in House mail policy, the U.S. Capitol Police will refuse sealed-package deliveries to all House Office Buildings. For questions, or if you encounter technical problems, please call (202) 225-3625 or (202) 225-2610.

FORMATTING REQUIREMENTS:
The Committee relies on electronic submissions for printing the official hearing record.  As always, submissions will be included in the record according to the discretion of the Committee.  The Committee will not alter the content of your submission, but we reserve the right to format it according to our guidelines.  Any submission provided to the Committee by a witness, any supplementary materials submitted for the printed record, and any written comments in response to a request for written comments must conform to the guidelines listed below.  Any submission or supplementary item not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.

1. All submissions and supplementary materials must be provided in Word format and MUST NOT exceed a total of 10 pages, including attachments. Witnesses and submitters are advised that the Committee relies on electronic submissions for printing the official hearing record.

2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased.  All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.

3. All submissions must include a list of all clients, persons and/or organizations on whose behalf the witness appears.  A supplemental sheet must accompany each submission listing the name, company, address, telephone, and fax numbers of each witness.

The Committee seeks to make its facilities accessible to persons with disabilities.  If you are in need of special accommodations, please call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event (four business days notice is requested).  Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.

Note: All Committee advisories and news releases are available on the World Wide Web at http://www.waysandmeans.house.gov/.