The Subcommittee on Select Revenue Measures of the House Ways and Means Committee hosts a hearing today on The Impact of International Tax Reform on U.S. Competitiveness:

In its November 2005 report, the President’s Advisory Panel on Federal Tax Reform criticized the current U.S. international tax system as one that “distorts business decisions, treats different multinationals differently, and encourages wasteful tax planning.” As a result, the Panel’s report contained a number of international tax reform proposals that are intended “to reduce economic distortions and improve the fairness of the U.S. international tax regime by creating a more level playing field that supports U.S. competitiveness.” Lawmakers, taxpayers, practitioners and academics have similarly criticized the U.S. international tax system and have also proposed reforms.

The purpose of this hearing is to understand how the current U.S. international tax system impacts the competitiveness of U.S. multinational corporations and to evaluate how this system can be reformed to enhance our competitiveness abroad and stimulate job creation at home.

The witnesses scheduled to testify are:

• Panel #1:
  • R. Glenn Hubbard, Dean and Russell L. Carson Professor of Finance and Economics, Columbia Business School
  • James R. Hines Jr., Professor of Business Economics and Public Policy, University of Michigan
  • Craig R. Barrett, Chairman of the Board, Intel Corporation
• Panel #2:
  • Michael J. Graetz, Justus S. Hotchkiss Professor of Law, Yale Law School
  • Paul W. Oosterhuis, Partner, Skadden, Arps, Slate, Meagher & Flom, New York
  • Stephen E. Shay, Partner, Ropes & Gray, Boston

The hearing will be held at at 10:00 a.m. in B-318, Rayburn House Office Building.

In connection with the hearing, the Joint Committee on Taxation has released The Impact of International Tax Reform: Background and Selected Issues Relating to U.S. International Tax Rules and the Competitiveness of U.S. Businesses (JCX-22-06):

This document, prepared by the staff of the Joint Committee on Taxation, provides general background on the U.S. international tax rules and certain other countries’ tax systems, and discusses selected issues relating to international tax reform and U.S. competitiveness.