WASHINGTON – U.S. Senators Claire McCaskill and Rob Portman, the Ranking Member and Chairman of the Senate’s Permanent Subcommittee on Investigations, held a hearing today to examine the impact of the U.S. corporate tax code on encouraging foreign acquisitions of U.S. businesses and the ability of U.S. businesses to grow through acquisition.
“The current U.S. tax system is broken and needs reform,” said McCaskill, a former courtroom prosecutor and Missouri State Auditor. “We see more and more profits and intellectual property shifted out of the United States to low-tax jurisdictions overseas. U.S. competitiveness ultimately depends on continued investment in public goods like our world-class research universities, our highly-skilled workforce, our strong rule of law, and infrastructure that is needed to support business activity in the 21st century. We should guard against any tax reform measures that threaten to erode the U.S. tax base and undermine these advantages.”
Walter Galvin, the former Vice Chairman and Chief Financial Officer of Missouri’s Emerson Electric Company testified before the panel on the complex pressures that incentivize large U.S. companies to merge with or be acquired by a foreign company. Also testifying were current and former senior executives from Boston Beer Co., Valeant Pharmaceuticals International, Inc., Restaurant Brands International, Inc., and Allergan.
McCaskill is the top-ranking Democrat on the subcommittee—which was formerly the “Truman Committee.” It is the Senate’s most powerful body for investigations and oversight and includes broad subpoena power.
Visit mccaskill.senate.gov/accountability to read more about McCaskill’s fight for stronger accountability in Washington.