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
WHERE: Room 342, Dirksen Senate Office Building
Founder and Chairman
Boston Beer Company
Chairman of the Board and Chief Executive Officer (1998 – 2015)
Vice Chairman (October 2009 – February 2013)
Chief Financial Officer (1993 – 2010)
Emerson Electric Company
Chief Financial Officer (December 2011 – June 2015)
Board of Directors (September 2012 – Present)
Valeant Pharmaceuticals International, Inc.
Chief Financial Officer
Restaurant Brands International
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