Robert Portman
The Public Record
One of the most important functions that our Federal Government must fulfill, of course, is the care of our veterans.
We want to reform this Tax Code so you do not have to mess with all this stuff.
I would suggest you come up with that number. I know it is not easy, but it is probably 40 percent of your workforce, something like that, in the United States, and it is a huge boon to us.
If we do not, we are going to continue to lose opportunities, and I think our guiding principle should be how do we create competitiveness.
Eighty percent of our world's purchasing power now lies beyond our borders, and so a key strategy to grow jobs here at home is by tapping into that.
No other nation in the world imposes such a high barrier to bringing foreign earnings home as the United States.
They are headquartered in South Korea that has as top corporate tax rate of 24 percent, which is 15 points lower than the U.S. corporate tax rate of 39.5 percent.
So it sounds like all the tax planning discussed at the hearing today ultimately resulted last year in nothing more than the same global tax rate as your main foreign competitor.
We have to reform this Code, and if we do not do that, our companies will continue to be uncompetitive.





