House Republican: This must be the Congress that takes the ‘tough but necessary steps to reform our tax code’

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Rep. Charles Boustany (R-La.), chairman of the House Ways and Means Committee, during a hearing Tuesday stressed the importance of reforming the tax code in order to retain U.S. companies moving overseas to take advantage of lower tax rates.

The Hill has the details:

“This must be the Congress of action that takes the tough but necessary steps to reform our tax code,” said Rep. Charles Boustany (R-La.), chairman of the House Ways and Means Committee’s tax-policy subcommittee. The hearing was the subcommittee’s first since Boustany became its chairman.

Boustany said that since Congress last passed comprehensive tax reform in 1986, other countries have reformed their tax codes to attract international investment and multinational companies have taken steps to lower their tax burdens.

He brought up the recent announcement that U.S. pharmaceutical giant Pfizer is going to merge with Irish-based Allergan, with the merged company keeping Allergan’s legal residence in Ireland. The transaction would be the largest-ever example of a practice known as a corporate inversion, in which a company reincorporates overseas to take advantage of a lower tax rate.

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