Dave Camp: “This rule will raise $7.5 billion in taxes on U.S. employers. Higher taxes are just one consequence of today's rule. It…”

“This rule will raise $7.5 billion in taxes on U.S. employers. Higher taxes are just one consequence of today's rule. It turns a blind eye to the 58 tax treaties that have been negotiated by this Nation since the 1950s. By ignoring those treaty obligations, that invites the retaliation other speakers have talked about. These are our friends and neighbors who work for these employers, over 5 million of them in the United States. And these aren't necessarily obscure businesses you've never heard about. The effect of this provision may be on companies like DaimlerChrysler, Michelin Tires and Miller Brewing. And I say 'may' because we don't really know. We've never had a hearing. We've never had testimony. It is part of the American fabric that people have a chance to speak about laws and provisions that may affect them. There has been no voice given to the people that may be affected by these rules, the 5 million employees. So I think to unexpectedly change these rules for these employers with zero debate is a dangerous precedent, and I will vote down the rule.”