On the recordNovember 16, 2017
I am proud to be here today to support this historic bill that will put our economy back on the path to stable and sustained growth. This bill finally levels the playing field and restores the global competitiveness of American businesses by moving to a territorial system. This key aspect of our bill removes the punitive barriers of the current worldwide system and allows companies to reinvest their overseas profits in America, without fear of getting hit with an excessive tax burden. This important change ensures that America remains the best place to start, grow, or invest in a business. As companies begin to see the benefits of this new territorial system, I look forward to continuing to work with the chairman to explore ways to move toward a residency-based taxation system to ensure that American citizens have a level playing field around the global as well. I have heard from companies, American companies, that say as they expand their operations overseas, the Tax Code has made it prohibitive for them to hire Americans for these jobs. In fact, our current system of citizenship-based taxation makes Americans nearly 40 percent more expensive to employ overseas than their foreign counterparts. Mr. Speaker, I thank the chairman very much for his understanding of this issue and look forward to our continued work to ensure that talent, not tax burden, is the driving factor in the hiring decisions of multinational companies. I am proud to support this bill.…
