Douglas L. Peterson: “So we have to become more competitive. The way we become more competitive in a global economy is dropping our tax rates.”

Permanence creates certainty. Certainty reduces risk.

I am encouraged that we have begun this process and that we are having this hearing. And this is going to be hard. But because it is hard doesn't mean we shouldn't do it.

We need to reform the U.S. tax system, including lowering the corporate tax rate, to level the playing field.

I hope Congress will seize this moment and enact substantial changes that will foster investment, growth, and jobs in the U.S.