The House Ways and Means Committee held a hearing Thursday to examine corporate tax reform and the impact of offshore tax havens on base erosion and profit shifting by multinationals.
In convening the hearing, Ways and Means Chairman Dave Camp, R-Mich., noted that the U.S. has the highest statutory tax rate in the industrial world of up to 35 percent. He has heard comments about that fact ever since the committee issued a discussion draft of international tax reform proposals in October 2011 (see Congressional Republicans Propose International Tax Reforms).
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