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Congressman Dave Camp (R-MI), Chairman of the Committee on Ways and Means, today announced that the Committee will hold a hearing on business tax issues currently facing U.S. manufacturing companies, and will examine how comprehensive tax reform could improve the ability of manufacturers to contribute to job creation and economic growth, including U.S.-based public and closely held companies as well as foreign-owned U.S. manufacturers. The hearing will take place on Thursday, July 19, 2012, in Room 1100 of the Longworth House Office Building, beginning at 9:30 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.
The United States has the highest corporate income tax rate in the developed world at 39.2 percent (federal and state combined) – compared to the OECD average of approximately 25 percent – and recent economic research indicates that much of the corporate tax is borne by workers in the form of lower wages and fewer jobs. In addition, U.S. manufacturers that operate internationally are subject to tax on their worldwide earnings, while their competitors in foreign markets often are based in countries with a territorial system that does not tax foreign earnings, putting U.S. manufacturers at a competitive disadvantage.
Furthermore, a substantial portion of manufacturing activity by U.S. companies is conducted through pass-through entities, and income earned by these entities is taxed at the individual income tax rates. Consequently, uncertainty surrounding the individual rate structure after 2012 poses significant challenges to business planning and job creation in the manufacturing sector, especially for smaller manufacturers further down the supply chain.
In announcing this hearing, Chairman Camp said, “U.S. manufacturing has long been a cornerstone of our economy, and it continues to provide high-paying jobs for American workers while supplying global consumers with high-quality products. As with the rest of our economy, however, the strength of U.S. manufacturing is being undermined by our current tax system, which is too complex, too costly, and too time-consuming to comply with. As we examine the implications of comprehensive tax reform for specific industries, I will be interested in hearing from U.S. manufacturers about how tax reform can make the United States a more attractive place for the industry to hire and invest.”
FOCUS OF THE HEARING:
This hearing will examine how the current tax system affects U.S. manufacturers, including U.S.-based public and closely held companies as well as foreign-owned U.S. manufacturers, and how comprehensive tax reform might affect their ability to expand 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, http://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, August 2, 2012. 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.
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/.