House Holds Hearing Today on Business Tax Reform and Job Creation

The House Ways & Means Committee held a hearing this morning on How Business Tax Reform Can Encourage Job Creation:

The hearing will inquire about the potential benefits to companies and workers of lowering marginal tax rates on business income, and the trade-offs that such companies might be willing to make given current fiscal constraints. The hearing also will examine major elements of business and corporate taxation in anticipation of future efforts to evaluate policy options that might encourage job creation in the United States.

Here is the list of witnesses with links to their testimony:

• Ashby T. Corum (Partner, KPMG)
• Walter J. Galvin (Vice Chairman, Emerson Electric Co.)
• Judy L. Brown (Executive Vice President & CFO, Perrigo Company)
• James H. Zrust (Vice President, Tax, The Boeing Company)
• James Misplon (Vice President, Tax, Sears Holdings Management Corp.)
• Mark Stutman (National Managing Partner of Tax Services, Grant Thornton)

In coinnection with the hearing, the Joint Committee on Taxation released Present Law and Background Relating to Selected Business Income Tax Provisions (JCX-34-11):

This document ... describes present Federal income tax rules applicable to businesses with respect to capital expenditures, capital cost recovery, other types of cost recovery, tax accounting methods, general business credits, the corporate alternative minimum tax, and differences between tax accounting and financial accounting for selected items of expense of businesses.

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