This morning, the Ways and Means Subcommittee on Select Revenue Measures is holding a hearing with tax professionals in an ongoing effort to gather comments and analysis of the Committee’s territorial tax reform discussion draft. The Ways and Means draft is a part of the Committee’s broader effort on comprehensive tax reform that would lower top tax rates for both individuals and employers. The discussion draft also transition from a worldwide to a territorial system of taxation, eliminating the double taxation U.S.-based companies face when bringing profits earned overseas back home. The proposal has received support from employers, economists, academics and tax experts for its effort to make the United States a more attractive place to invest and create the jobs this country needs.
Mark Snell, President, Sempra Energy: “The thoughtful discussion draft [the Committee] released on a territorial plan is a solid beginning to allowing U.S. companies to base business decisions on the quality of the underlying investment and not be driven by the tax code. We support the structure proposed in your discussion draft and would like to work with the Committee to build upon this effort to ensure that your territorial tax plan encourages investments of global U.S. based companies in U.S. jobs and infrastructure.”
More examples of support for a 25 percent rate and transition to a territorial tax system can be found below.
Move to 25 Percent Corporate Rate & Territorial System Gaining More Support