The committee will come to order. Welcome to our first hearing of the day. We discussed the ongoing effort to reform our tax code. We have a distinguished panel of experts to help shed some light on the issues surrounding tax reform. I look forward to a productive discussion and appreciate your attendance. In 1984 resident reagan called for reform of the tax code. He laid out three main goals for tax reform. Fairness, efficiency and simplicity. Those three goals are as relevant today as they were a generation ago. American competitiveness is essential in todays Global Economy we must consider whats happening outside our borders. Addressing tax policy or legislation is very easy to find oneself. I think we would do well to keep focus and frequently remind ourselves of these basic principles. I will repeat them. Fairness, efficiency, simplicity and american competitiveness. The Tax Reform Act of 1986 is generally considered to be a great success. One question people should ask themselves
A few that have been here before the committee a number of times you just cant tell you what it means to us. But now we are going to shift a little bit and consider the nomination of mr. David to serve as the assistant secretary of treasury for tax policy. Welcome to the finance committee. We appreciate the willingness to adhere today and we also appreciate the willingness to serve in this capacity. Im sure the significance of this position at this crucial time is not lost on you. Its not lost on any member of the committee. Its a major focus of the committee for some time now and we agreed to have you here to discuss your thoughts on these matters. On a number of occasions i stated the president ial leadership would be a key component to any successful tax reform effort. Just last week i quoted president obama at a speech on the senate floor back in 2012 he said things like the current Corporate Tax system is outdated, unfair and inefficient. The problem was he never got around to lea
A few that have been here before the committee a number of times you just cant tell you what it means to us. But now we are going to shift a little bit and consider the nomination of mr. David to serve as the assistant secretary of treasury for tax policy. Welcome to the finance committee. We appreciate the willingness to adhere today and we also appreciate the willingness to serve in this capacity. Im sure the significance of this position at this crucial time is not lost on you. Its not lost on any member of the committee. Its a major focus of the committee for some time now and we agreed to have you here to discuss your thoughts on these matters. On a number of occasions i stated the president ial leadership would be a key component to any successful tax reform effort. Just last week i quoted president obama at a speech on the senate floor back in 2012 he said things like the current Corporate Tax system is outdated, unfair and inefficient. The problem was he never got around to lea
Are grateful to have you here to discuss your thoughts on this matters. Ive stayed my view the president ial leadership will be a key component to any successful tax reform effort. Just last week i quoted president obama in a speech on the senate floor in 2012. He said things like our current Corporate Tax system is outdated, unfair, and inefficient. He never g the problem was that president obama never got around to meeting out on tax reform. I expect more from President Trump and tax reform, that expectation comes in large part because of knowing him annoyed the way he approaches things. O i have to say also because he and secretary mnuchin have been talking about it so much. But more than that they engage a in congress on these issues. Ise i believe your nomination is another way this president has further demonstrated histment commitment of confirming the commitment of the job killing tax code. Your tax expert and will play crucial part of this in denver. Before i finish up i want
Test test test test test test test test test test test test test test test test test test test test test test test test. We can lower the Corporate Tax rate and get it to within shouting distance of our trading partners. Were a better place to do better because of transportation, because of safety, because of security, because of environment and all those things. But there is a point at which you run out of those benefits when you are talking about so much of your income being paid in taxation. I appreciate that point. Its an etch lexcellent one. I kind of lost my place. Consumption tax versus income tax. I come from the state where the author of the book called the fair tax comes from and hes on radio. If i dont ask some question about consumption tax when we have a hearing like this, i get chastised at home. How many of you are familiar with this . Whats your thought or do you have any thought about it at all . Mr. Mazur, start with you. I guess my basic thought about our tax system