Second in series on the extraterritorial income regime: hearing before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, House of Representatives, One Hundred Seventh Congress, second session, May 9, 2002, Volume 4 |
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added tax American assets border adjustability Cain Chairman MCCRERY Committee Congress consumption tax corporate income tax corporate inversions corporate tax corporate tax rate cost current tax depreciation dividends domestic earnings economic growth EFFICIENT TAXATION eliminate Entin ETI regime exempt expensing export subsidies FairTax federal flat tax Foreign Sales Corporation foreign source income foreign tax credit fundamental tax reform Gale going Graetz hearing Herman Cain imports imposed income tax rate increase individual issue Jorgensen labor ment national income national retail sales national sales tax OECD paid payroll tax percent porate problem productivity reduce retail sales tax revenue rules saving and investment shareholder Subcommittee tax base tax burden Tax Code tax reform proposals TAXATION OF INCOME territorial system Thank tion trade balance U.S. businesses U.S. companies U.S. corporate U.S. exports U.S. firms U.S. tax United value added value-added tax wages X tax
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Page 3 - Web at http://waysandmeans.house.gov The Committee seeks to make its facilities accessible to persons with disabilities. If you are inneed of special accommodations, please call 202-225-1721 or 202-2263411 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed...
Page 3 - March 14, 2002. Those filing written statements who wish to have their statements distributed to the press and interested public at the hearing should deliver their 200 copies to the...
Page 18 - It must be borne in mind that the tragedy of life doesn't lie in not reaching your goal. The tragedy lies in having no goal to reach. It isn'ta calamity to die with dreams unfulfilled, but it is a calamity not to dream. It is not a disaster to be unable to capture your ideal, but it is a disaster to have no ideal to capture.
Page 3 - The Committee seeks to make its facilities accessible to persons with disabilities. If you are in need of special accommodations, please call 202-225-1721 or 202-2263411 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs ingeneral (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.
Page 16 - It is the most reliable means people have to invest in themselves and improve their earning potential. Yet the tax system today punishes people who invest in education, virtually doubling its cost. Only a national sales tax on consumption would remove this impediment to upward mobility.
Page 17 - ... of code and regulations does. People would resist attempts to make it more complex and attempts to favor special interests because they would understand what is going on. Second, taxing consumption is a more stable source of revenue than taxing income. There are fewer fluctuations in the consumption base than in the income base. A recent study showed that for the years 1959 to 1995, a national sales tax base was less variable than the income tax base. Why? When times are unusually good, people...
Page 17 - ... benefits consultants, collecting information needed only for tax purposes and the like. These unnecessary costs amount to about $850 for every man, woman and child in America. To the extent these costs are incurred by businesses, they must be recovered and are embedded in the cost of everything that we buy. The money we spend on unnecessary compliance costs is money we might as well burn for all of the good it does us. The Tax Foundation has estimated that compliance costs would drop by about...
Page 16 - Today, to pay $10,000 in college or private school tuition, a typical middle class American must earn $15,540 looking only at federal income taxes and the employee payroll...
Page 14 - ... tax system cannot be reformed. It creates disadvantages for multinational businesses, domestic businesses, individuals, and our government. No amount of tinkering with a portion of the tax code is going to fix it. It is too complicated. It inflates the costs of US goods and services to other nations. It is too unfair and inefficient. It discourages people from working harder to achieve upward economic mobility, which destroys hope and opportunity. The current tax system needs to be replaced....