PSI Hearing to Examine Impact of the U.S. Corporate Tax Code on Foreign Acquisitions of U.S. Businesses

FOR IMMEDIATE RELEASE: Tuesday, July 28, 2015
MEDIA CONTACT: Caitlin Conant (Portman) | 202-224-5190

John LaBombard (McCaskill) | 202-228-6263

Washington, D.C. – U.S. Senators Rob Portman (R-Ohio) and Claire McCaskill (D-Mo.), the Chairman and Ranking Member of the Permanent Subcommittee on Investigations (PSI), will hold a hearing on Thursday, July 30, 2015 exploring the impact of the U.S. corporate tax code on foreign acquisitions of U.S. businesses and the ability of U.S. businesses to expand by acquisition.  

“The United States has the highest corporate rate in the industrialized world, and our government taxes American businesses for the privilege of reinvesting their overseas profits here at home,” said Portman. “As a result, the hard reality is that U.S. businesses are often much more valuable in the hands of foreign acquirers who can reduce their tax bills. On Thursday, I will chair a hearing that will shed light on how our broken tax code affects the battle for corporate control and American jobs. The hearing is the culmination of the Subcommittee’s review of several major deals that resulted in the loss of U.S. corporate headquarters. We will hear directly from both U.S. companies that have felt the immense tax-driven pressures to move offshore and foreign corporations whose tax advantages have turbocharged their growth by acquisition. Our goal is to better inform the debate about how to reform our tax code in a way that helps every enterprise doing business in America—both U.S.-based and foreign-headquartered—grow and create new jobs here.”                   

HEARING:    Impact of the U.S. Tax Code on the Market for Corporate Control and Jobs        

WHEN:         Thursday, July 30, 2015  

                      9:30 AM 

WHERE:       Room 342, Dirksen Senate Office Building

WITNESS LIST:

PANEL I

 

JIM KOCH

Founder and Chairman

Boston Beer Company

 

DAVID PYOTT

Chairman of the Board and Chief Executive Officer (1998 – 2015)

Allergan, Inc.

 

WALTER GALVIN

Vice Chairman (October 2009 – February 2013)

Chief Financial Officer (1993 – 2010)

Emerson Electric Company

 

PANEL II

 

HOWARD SCHILLER

Chief Financial Officer (December 2011 – June 2015)

Board of Directors (September 2012 – Present)

Valeant Pharmaceuticals International, Inc.

 

JOSHUA KOBZA

Chief Financial Officer

Restaurant Brands International

For more information or to arrange for an interview please contact the press office at (202) 224-5190 or portman_press@portman.senate.gov

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