Camp Statement on Tax Reform & Inversions
Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) issued the following statement on the Administration’s comments on inversions and tax reform:
“Everyone agrees that tax reform is the only solution that will both keep companies from moving their headquarters out of the United States, and encourage more businesses to grow, hire and increase wages for American workers. That is why I put forth an overhaul of our broken tax code, which would lower rates by simplifying the code and eliminating special interest loopholes. The result: 1.8 million new private sector jobs, an increase in GDP up to $3.4 trillion and more than $1,300 extra per year in the pockets of hardworking middle class families.
“Even the Administration says the only meaningful solution to U.S. companies inverting is tax reform. However, they have not put forth a real tax reform plan. I would note that the last time Washington successfully reformed our tax code, the Treasury Department released not just one, but two complete tax reform drafts. I believe the Treasury Department has completed – or is very close to completing – such a plan, but refuses to make it public.
“Empty rhetoric and rifle shot bills will not keep American companies and jobs in this country. We stuck our finger in the dam a decade ago, and here we are again. We need, and the American people deserve, real action on fixing the tax code. It is time for the Administration to fill in the details of its so-called tax reform framework so we can finally start seeing what a modern American tax code could and should look like. Until we address the root of the problem, we will continue to read regular reports of companies leaving the U.S. Now is the time to act, and I call on the Administration to send me an actual, workable tax plan.”