Daily Tax Update - February 24, 2015: Senate Finance Committee Holds Hearing on Tax Reform, Growth, and Efficiency

Senate Finance Committee Holds Hearing on Tax Reform, Growth, and EfficiencyToday, the Senate Finance Committee held a hearing on Tax Reform, Growth and Efficiency.  Chairman Orrin Hatch (R-UT) stated, “Issues surrounding how best to promote the efficient allocation and utilization of resources accompany any objective for promoting growth.  In my view, we should minimize tax provisions that stand in the way of efficiently utilizing resources.  While there are many issues surrounding how society values resource allocations, there are striking areas of our existing tax system that need attention.  For example, our statutory and effective corporate tax rate is far too high relative to our international competitors, which impedes the abilities of U.S. firms to compete." Ranking Member Ron Wyden (D-OR) added, “The tax code also needs to encourage more investment in the U.S.  It should do more to drive innovation, support manufacturing, and draw high-skill, high-wage jobs to our shores.  Today’s broken code puts the U.S. at a competitive disadvantage in the world, and that needs to change.”

2014 FCPA Year in Review:
For our readers who have some responsibility for dealing with Foreign Corrupt Practices Act (FCPA) matters, Steptoe’s 2014 FCPA Year in Review may be of interest.