| 00:00:29 |
Camp, David "Dave" Lee - U.S. Representative, [R] Michigan
ORDER. >> THAT'S WHY YOU'RE A GREAT AMERICAN. >> WE MEET TODAY IN OUR FIRST HEARING OF THE 112th CONGRESS TO BEGIN WHAT I EXPECT WILL BE A LONG DISCUSSION...
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| 00:05:22 |
Levin, Sander Martin - U.S. Representative, [D] Michigan
WE DO SO, WE'LL HAVE MANY FURTHER OPPORTUNITIES TO CONSIDER VARIOUS SOLUTIONS. BUT TODAY OUR FOCUS SHOULD BE ON MAKING SURE WE BEGIN TO UNDERSTAND THE...
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| 00:09:23 |
Camp, David "Dave" Lee - U.S. Representative, [R] Michigan
BE THE HONORABLE NINA OLSON, THE NATIONAL TAXPAYER ADVOCATE. WE WELCOME YOU BACK TO THE COMMITTEE. AFTER HER BOB McDONALD, WHO IS THE CHIEF EXECUTIVE...
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| 00:10:25 |
Olson, Nina E. - National Taxpayer Advocate
THE RANKING MEMBER, QUESTIONS BY MEMBERS WILL BE LIMITED TO THREE MINUTES AND GIVING MORE MEMBERS THE OPPORTUNITY TO BE RECOGNIZED. EACH OF THE WITNESSES...
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| 00:15:31 |
McDonald, Robert - Chair
CONFIDENT THAT IN THE END PUBLIC SUPPORT FOR A SIMPLER CODE WILL BE STRONG AND DEEP. THANK YOU. >> THANK YOU VERY MUCH. MR. McDONALD, YOUR WRITTEN STATEMENT...
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| 00:20:02 |
Hudak, Warren - President
GROWING ECONOMY. ON BEHALF OF THE BUSINESS ROUNDTABLE, I LOOK FORWARD TO WORKING CLOSELY WITH THIS COMMITTEE, THE CONGRESS, AND THE ADMINISTRATION...
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| 00:21:18 |
VIDEO HIT, -
RECENTLY SURVEYED OUR MEMBERS. TWO OF THE TOP, TOP PRIORITIES FOR SMALL BUSINESSES IS THE FEDERAL TAX CODE AND ITS COMPLEXITY. ONE THING TO BE VERY SURE...
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| 00:22:02 |
VIDEO HIT, -
HAD TWO COMPANIES THAT ARE GETTING READY TO RETIRE. THEY WANTED -- THEY ARE COUNTING ON THEIR BUSINESS TO BE THEIR RETIREMENT PLAN. THEY WERE REGULAR...
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| 00:23:05 |
Cover Shot, -
POSTCARD TO ALL SMALL BUSINESS OWNERS SAYING THERE WERE NO LONGER GOING TO ACCEPT PAYROLL TAXES TO BE REMITT ED REMITTED USING A PAPER VOUCHER. THEY...
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| 00:24:11 |
Hassett, Kevin A. - Senior Fellow and Director
BE SIMPLIFIED. THANK YOU. >> WELL, THANK YOU VERY MUCH. DR. HASET, YOU ALSO HAVE FIVE MINUTES AND YOUR WRITTEN STATEMENT WILL BE PART OF THE RECORD....
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| 00:26:18 |
Cover Shot, -
REVIEW OF THE LITERATURE SUGGESTED THAT THIS IS CONSENSUS THAT'S A FAIR READING OF THE BROADER TAX REFORM LITERATURE. THERE ARE MANY POSSIBLE REFORMS...
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| 00:29:34 |
Sullivan, Martin J. - President and CEO
DR. SULLIVAN, YOU ALSO HAVE FIVE MINUTES AND YOUR TESTIMONY WILL BE PART OF THE RECORD. THE WRITTEN TESTIMONY. THANK YOU. WELCOME. >> THANK YOU. ...
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| 00:34:51 |
Rangel, Charles B. - U.S. Representative, [D] New York
HEADQUARTER COMPANIES IN THE UNITED STATES. >> THANK YOU. THANK YOU VERY MUCH, DR. SULLIVAN. NOW WE GO TO QUESTIONS. THE CHAIR RECOGNIZES MR. WRANGLE...
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| 00:35:50 |
Sullivan, Martin J. - President and CEO
TREMENDOUS OBJECTION TO STARTING WITH GROUND ZERO IN TERMS OF THE LOOPHOLES THAT WE HAVE IN THE CORPORATE SYSTEM SO THAT WE CAN MORE EASILY, DRAMATICALLY...
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| 00:37:44 |
Herger, Walter "Wally" - U.S. Representative, [R] California
LOT OF TAX BREAKS AVAILABLE TO THEM WHILE OTHERS DO. AND SO THE COMPANIES THAT DO NOT HAVE THOSE TAX BREAKS AVAILABLE TO THEM ARE GOING TO BE MUCH...
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| 00:38:52 |
Hudak, Warren - President
YEARS DOWN THE ROAD. COULD YOU ELABORATE FURTHER ON HOW THE UNCERTAINTY OF TEMPORARY TAX PROVISIONS AFFECT SOME OF THE BUSINESSES TO WHICH YOU PROVIDE...
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| 00:40:51 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
STRATEGICALLY AND THE TAX CODE DOES THAT CONTINUOUSLY. >> THANK YOU, MR. CHAIRMAN. >> THANK YOU. MR. JOHNSON IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN....
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| 00:42:03 |
McDonald, Robert - Chair
THE AVERAGE AMERICAN CAN'T FATHOM THIS TAX CODE. AND WE NEED TO DO SOMETHING TO FIX IT. BASICALLY, I WANT TO THANK YOU FOR BEING HERE AND ASK YOU...
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| 00:44:05 |
Neal, Richard - U.S. Representative, [D] Massachusetts
PROVIDE A COMPETITIVE SYSTEM SO THAT OUR BUSINESSES WILL STAY HERE AND FLOURISH FOR YEARS. >> THANK YOU. MR. STARK IS RECOGNIZED. >> I YIELD. >> THANK...
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| 00:44:53 |
McDonald, Robert - Chair
FOCUS ON GROWTH AND KEEP THE INITIATIVE REVENUE NEUTRAL? >> CONGRESSMAN NEIL, GREAT QUESTION. WE BELIEVE IT'S BEST TO TAKE A LOOK AT GETTING COMPETITIVE...
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| 00:47:38 |
Nunes, Devin - U.S. Representative, [R] California
YOU ALLOW ME IT PURSUE THE NEXT THREE MINUTES I HAVE ALONG THE SAME LINE? WELL, IT'S NOW TIME TO GO TO THE OTHER SIDE. THEN WE'LL COME BACK TO YOU. YOU...
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| 00:48:26 |
Tiberi, Patrick - U.S. Representative, [R] Ohio
MOVE REAL TAX REFORM LEGISLATION THROUGH THIS HOUSE THIS YEAR. I THINK IT WILL BE GREAT IF WE COULD DO IT IN A BIPARTISAN WAY. I YIELD BACK. >> ALL RIGHT....
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| 00:49:11 |
McDonald, Robert - Chair
OVERSEAS. AND MOST OF THAT WAS TARGETED FOR AMERICAN WORLDWIDE COMPANIES WHO WERE EXPANDING INTO DIFFERENT MARKETS. OBVIOUSLY PROCTER & GAMBLE HAS...
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| 00:51:24 |
Neal, Richard - U.S. Representative, [D] Massachusetts
TOOTHPASTE YOU SELL IN EUROPE IS GOING TO MEAN MORE JOBS IN OHIO? >> YES, SIR. THANK YOU. >> MORE JOBS IN OHIO. >> THANK YOU. >> THANK YOU. MR. NEIL...
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| 00:51:50 |
Sullivan, Martin J. - President and CEO
A LOT TO ME LIKE TAX CUTS PAY FOR THEMSELVES. I THINK TAX REFORM IS A WORTHY PURSUIT AND VERY SENSITIVE TO THE INTERNATIONAL ARGUMENT THAT'S ARE...
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| 00:54:21 |
Davis, Geoffrey "Geoff" C. - U.S. Representative, [R] Kentucky
ABOUT ALTERNATIVE MINIMUM TAX. >> THANK YOU, SIR. >> THANK YOU, MR. CHAIRMAN. >> THANK YOU VERY MUCH. MR. DAVIS IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN....
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| 00:55:40 |
McDonald, Robert - Chair
THEM TO DO OTHERWISE. YOU TRY TO GROWTH PG & E AND INVEST IN KENTUCKY, INDIANA, OHIO, DO YOU FACTOR TAX LIABILITY? YOUR DECISIONS? IF YOU DO, DO...
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| 00:58:08 |
Reichert, David "Dave" - U.S. Representative, [R] Washington
TO DEVELOP THEM INTO A GLOBAL SUPPLIER. AND TODAY WE DO ABOUT $2 BILLION A YEAR OF BUSINESS WITH MINORITY OWNED SUPPLIERS IN THE UNITED STATES. MANY...
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| 00:59:55 |
Hudak, Warren - President
PRESENT FOR REFORMING THE TAX CODE IN A WAY THAT HELPS AMERICAN BUSINESSES GROW AND CREATE JOBS AND COMPETE? >> WELL, 70% OF SMALL BUSINESSES ARE...
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| 01:01:02 |
Doggett, Lloyd - U.S. Representative, [D] Texas
INNOVATE, AND THAT'S AN VERY IMPORTANT POINT. >> I APPRECIATE THE ANSWER. I YIELD BACK. THANK YOU. >> THANK YOU. MR. DOGGED IS RECOGNIZED. >> THANK...
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| 01:03:25 |
Sullivan, Martin J. - President and CEO
OF PAGES TO THE TAX CODE AND REGULATION THAT'S CHAIRMAN CAMP SHOWED AT THE BEGINNING OF THIS MEETING AND TO MAKE IT SO COMPLEX SO THAT THEY HAVE A LEVEL...
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| 01:04:12 |
Roskam, Peter - U.S. Representative, [R] Illinois
WE'RE ON A LEVEL PLAYING FIELD PARTICULARLY AT THESE INCREDIBLE LEVELS. >> THANK YOU. THE GENTLEMAN'S TIME HAS EXPIRED. >> THANK YOU, MR. CHAIRMAN....
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| 01:06:08 |
McDonald, Robert - Chair
SHORT TIME THIS MORNING, JUST ENCOURAGE YOU AND WANT TO BE PART OF THIS CONVERSATION WITH YOU ABOUT HOW TO COMMUNICATE THAT MORE EFFECTIVELY TO AMERICAN...
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| 01:07:07 |
Gerlach, Jim - U.S. Representative, [R] Pennsylvania
GIRLOCK IS RECOGNIZED. >> FOLLOWING UP ON THAT POINT MR. McDONALD AND WHAT MR. NEIL RAISED A FEW MOMENTS AGO, FROM YOUR PERSPECTIVE, GIVEN YOUR DOMESTIC...
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| 01:08:04 |
McDonald, Robert - Chair
YOU WOULD GET A LOWER RATE IF YOU SPECIFICALLY INVESTED THAT IN R & D ACTIVITIES OR MANUFACTURING ACTIVITIES, SOMETHING VERY SPECIFIC AND TARGETED...
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| 01:09:14 |
Thompson, Michael "Mike" - U.S. Representative, [D] California
IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN. THANK YOU FOR HOLDING THIS HEARING. I THINK IT'S AN IMPORTANT DISCUSSION THAT WE HAVE TO HAVE IF WE NEED...
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| 01:11:54 |
McDonald, Robert - Chair
ANSWERS. >> WELL, I THINK CONGRESSMAN THOMPSON, WE'VE ALREADY SEEN SOMEWHAT THE IMPACT OF THAT, IF WE LOOK AT WHAT'S GOING ON IN EUROPE RIGHT NOW. IN...
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| 01:12:29 |
Sullivan, Martin J. - President and CEO
STATES. SO, OF COURSE IN ANYTIME THAT YOU HAVE A GLOBAL BUSINESS YOU'LL BE HIRING MORE THEM IN THOSE GEOGRAPHIES SO I THINK WE NEED TO GET INTO THE...
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| 01:13:03 |
Heller, Dean - U.S. Representative, [R] Nevada
THANK YOU. MR. HELLER IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN. AND I APPRECIATE YOU HAVING THIS HEARING. I APOLOGIZE THAT I MISSED SOME OF WHAT...
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| 01:15:28 |
Olson, Nina E. - National Taxpayer Advocate
TALKED ABOUTCISM LICKO CODE, MS. OLSON. GONE TO THE POINT THAT OUR CODE HAS RUN ITS COURSE, OUR CURRENT TAX CODE HAS RUN ITS COURSE, AND IS THERE...
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| 01:16:33 |
Price, Thomas "Tom" - U.S. Representative, [R] Georgia
YOU. >> THANK YOU. DR. PRICE IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN, AND I WANT TO CONGRATULATE YOU ON OBTAINING THE GAVEL FOR THIS COMMITTEE. I...
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| 01:17:54 |
Hassett, Kevin A. - Senior Fellow and Director
THE DATA. THAT IF YOU'RE A HIGH TAX PLACE IT'S RELATIVELY EASY FOR COMPANIES TO MOVE THEIR PROFITS TO A LOW TAX PLACE. THAT'S ANY YOU SAW THE LOWER...
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| 01:19:41 |
Larson, John B. - U.S. Representative, [D] Connecticut
MR. LARSON IS RECOGNIZED. >> THANK YOU. >> I WANT TO THANK THE CHAIRMAN AND THANK HIM FOR THIS OPPORTUNITY. I HAVE THREE QUICK QUESTIONS FOR THE PANELISTS....
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| 01:20:53 |
Olson, Nina E. - National Taxpayer Advocate
GORE RHYTHMICALLY. AND AS OPPOSED TO TAXING ONE'S LABOR. AND SO I'D BE INTERESTED IN ANSWERS TO THOSE QUESTIONS AND MS. OLSON I'LL GO TO YOU. >>...
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| 01:21:55 |
Sullivan, Martin J. - President and CEO
TRANSACTION TAXES, ANYONE? DR. SULLIVAN? DR. HASSETT? >> I DO THINK IT'S IMPORTANT WE RE-EVALUATE OUR TAX CODE IN LIGHT OF THE FINANCIAL CRISIS TO...
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| 01:22:18 |
Larson, John B. - U.S. Representative, [D] Connecticut
ADMINISTER. AND SO I THINK ITS INITIAL APPEAL WEARS OFF THE MORE THAT YOU LOOK AT IT. >> I CONCUR WITH DR.
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| 01:22:30 |
Sullivan, Martin J. - President and CEO
SULLIVAN. >> AND SO THERE'S NO WAY TO REGULATE AN OVER-THE-COUNTER TRADE IN A WAY THAT IT'S PRODUCED $60 TRILLION OF REVENUE? IT JUST -- >> UNLESS WE...
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| 01:22:59 |
Buchanan, Vernon "Vern" - U.S. Representative, [R] Florida
REPEAL IT. BECAUSE IT JUST -- THEY JUST COULDN'T ADMINISTER IT EFFECTIVELY. >> ALL RIGHT. >> THANK YOU. THE GENTLEMAN'S TIME' EXPIRED. MR. BUCHANAN...
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| 01:24:34 |
McDonald, Robert - Chair
COULD YOU COMMENT ON THAT QUICKLY? >> I AGREE WITH YOU, CONGRESSMAN BUCHANAN. >> OKAY. >> AND YOU'RE RIGHT, IT'S ABOUT HALF. >> YEAH. SO WHAT WOULD...
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| 01:25:00 |
Buchanan, Vernon "Vern" - U.S. Representative, [R] Florida
MY COMMENTS WERE ABOUT CREATING A COMPETITIVE CODE FOR EVERYONE. NOT JUST OUR MEMBERS WHICH TEND TO BE THE LARGER CORPORATIONS BUT WE REALIZE THAT...
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| 01:25:37 |
Hudak, Warren - President
PARTNERSHIPS, ARE SMALL, MEDIUM-SIZED BUSINESSES. WHAT'S THE BIGGEST, ONE OR TWO THINGS, BECAUSE YOU PRIMARILY WORK WITH SMALL BUSINESSES, WE CAN DO OR...
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| 01:26:21 |
Schock, Adrian R-IL, -
HAVE THE STAFF TO DO IT. >> THANK YOU. I YIELD BACK. >> THANK YOU, MR. SHOCK IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN, AND THANK YOU ONCE AGAIN FOR...
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| 01:26:33 |
McDonald, Robert - Chair
HAS YOUR GROUP STUDIED APPROXIMATELY HOW MUCH MONEY AMONG YOUR MEMBER COMPANIES AND COMPANIES AT LARGE COULD BE REPATRIATED IF CONGRESS DOES ACT TO ALLOW...
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| 01:28:28 |
Sullivan, Martin J. - President and CEO
IN YOUR ESTIMATION, YOUR OPINION, WHICH SEEMS TO VARY A LITTLE BIT FROM THE REST OF OUR PANEL, DO YOU HAVE A NUMBER IN MIND IN TERMS OF WHAT YOU THINK...
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| 01:29:42 |
Blumenauer, Earl - U.S. Representative, [D] Oregon
POSSIBLE. >> 0%? >> WELL, THANK YOU. >> THE GENTLEMAN'S TIME IS EXPIRED. MR. BLUMENAUR IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN. AND LET ME BEGIN...
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| 01:33:11 |
Lee, Christopher - U.S. Representative, [R] New York
MEMBER. SO WITH THAT, MR. LEE IS RECOGNIZED. >> WELL, THANK YOU, MR. CHAIRMAN. IN SHORTNESS OF TIME, I WILL JUST MAKE A BRIEF STATEMENT, BUT REALLY...
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| 01:35:04 |
Jenkins, Lynn - U.S. Representative, [R] Kansas
HOLDING THE HEARING. I THINK I JOIN MY COLLEAGUES IN HAVING A PASSION FOR THIS PARTICULAR TOPIC. IN PARTICULAR, I HAVE A KEEN INTEREST. I SPENT IN...
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| 01:36:23 |
Sullivan, Martin J. - President and CEO
UNCOMPETITIVE WITH OUR FOREIGN COMPETITION TODAY. >> I THINK THAT THE MAIN THING IS THE CORPORATE RATE JUST HAS TO COME DOWN TO MAKE US MORE COMPETITIVE...
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| 01:36:54 |
Kind, Ronald "Ron" - U.S. Representative Candidate
CHAIRMAN. I WANT TO THANK YOU FOR HOLDING THIS HEARING. WHICH I HOPE WILL BE THE BEGINNING OF MANY HEARINGS THAT WE HAVE IN THIS SESSION, AND ONE...
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| 01:39:00 |
Paulsen, Erik - U.S. Representative, [R] Minnesota
THE S. CORP. AND SO WORKING WITH YOU AND OTHERS HOPEFULLY WE'LL HAVE A CHANCE TO GET INTO THAT. THANK YOU AGAIN, MR. CHAIRMAN. >> THANK YOU. THANK YOU....
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| 01:39:35 |
McDonald, Robert - Chair
FINANCE THEIR OPERATIONS THROUGH DEBT RATHER THAN THROUGH ASSET CREATION OR CAPITAL FORMATION, AND WHY THAT IS IMPORTANT. WHY WE SHOULD BE FOCUSED ON...
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| 01:41:19 |
Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey
WANT TO TAKE ANYMORE TIME HERE, BUT JUST THANK YOU FOR BEING HERE AND I THANK THE CHAIRMAN FOR HOLDING THIS HEARING. >> THANK YOU. >> MR. PASS QAL...
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| 01:42:18 |
Olson, Nina E. - National Taxpayer Advocate
WHAT THE TRIALS AND TRIBULATIONS ARE OF FOLKS WHO ARE MAKING $20,000, $25,000, $30,000, DO YOU AGREE OR DISAGREE. >> I ABSOLUTELY AGREE. >> AND DO YOU...
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| 01:43:45 |
Black, Diane Lynn - U.S. Representative, [R] Tennessee
YEAH. >> ABSOLUTELY. >> THANK YOU. >> YOU'RE WELCOME. >> GENTLEMAN'S TIME HAS EXPIRED. >> MS. BLACK IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN. AND...
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| 01:44:22 |
Olson, Nina E. - National Taxpayer Advocate
MORE SIMPLIFIED SYSTEM THAT WE WOULD PERHAPS COLLECT MORE REVENUE BECAUSE OF SO MUCH EVASION AND THAT WOULD BE ONE QUESTION THAT I WOULD HAVE. >> I...
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| 01:45:12 |
Berkley, Shelley - U.S. Representative, [D] Nevada
SUBMIT QUESTIONS THAT THEN CAN BE ANSWERED SEPARATELY AND AM I -- >> YES. MEMBERS ARE ABLE TO SUBMIT QUESTIONS FOR THE RECORD AND IF THEY DO I...
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| 01:46:52 |
Olson, Nina E. - National Taxpayer Advocate
BREAKS THAT ARE IN OUR -- IN OUR TAX CODE? OR ARE THEY STILL GOING TO BE COMING TO ME EXPLAINING HOW THEY STILL CAN'T MAKE ENDS MEET? THEY'RE GOING TO...
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| 01:47:47 |
McDermott, James "Jim" - U.S. Representative, [D] Washington
MR. LEVIN WOULD LIKE TO QUESTION AND MR. McDERMOTT IS RECOGNIZED. >> THANK YOU, MR. CHAIRMAN. UNANIMOUS CONSENT TO ENTER INTO THE ARTICLE ARTICLE BY...
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| 01:49:16 |
Sullivan, Martin J. - President and CEO
TO THE LONG TERM HEALTH OF THIS ECONOMY. >> SO IT'S SAYING, WE'RE REALLY GOING TO MAKE THESE TAX CUTS AND THE ONLY PLACE WE'LL GET THE MONEY IS BY...
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| 01:49:39 |
Levin, Sander Martin - U.S. Representative, [D] Michigan
DECISION. BUT I THINK THAT RULE SHOULD BE NEUTRAL. AND THESE RULES ARE NOT NEUTRAL. >> THANK YOU. I YIELD BACK MY TIME. >> THANK YOU, MR. LEVIN IS...
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| 01:50:43 |
Camp, David "Dave" Lee - U.S. Representative, [R] Michigan
AND THERE'S NO NATIONALIZATION, SIR. WE'VE MET WITH THE CEOs, AND THE LAST THING THEY WOULD SAY IS THAT THEY'VE BEEN NATIONALIZED. SO GO OUT AND BUY...
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| 01:51:42 |
adjourn, -
FAMILIES, BUSINESSES, BIG AND SMALL. IT ENCOURAGES INEFFICIENT BEHAVIOR. THESE POINTS WERE MADE IN AN OPINION PIECE BY THE MINORITY WHIP STENY HOYER...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.