Former Top Treasury Official Calls for Tax Reform at Senate Finance Committee Hearing
Yesterday, Pamela F. Olson, Assistant Treasury Secretary for tax policy from 2002 to 2004, testified before the Senate Finance Committee on the need for international corporate tax reform. In her testimony, she highlighted the outdated nature of the U.S. tax system and explained why reform is urgently needed:
“In the absence of action by Congress to enact a more competitive US international tax system, there will be an increase in the pace of US companies being acquired by foreign competitors, and our current worldwide tax system will continue to effectively subsidize the treasuries of other countries seeking to tax US multinationals. It is time for Congress to promote economic growth and enhance opportunities for the American people by enacting tax reform that, without increasing the deficit, reduces the US corporate tax rate, broadens the tax base, and establishes a competitive international tax system.”
Her full testimony is available here.