House and Senate Conference Committee Members met to discuss tax reform the pat s bills. The senator orrin hatch who chairs the finance Committee Told reporters he and his republican colleagues had reached the general agreement on how they plan to overhaul the nations tax code. The Senate House Committee will come to order. I am deeply honored to chair this Conference Committee, the first tax reform Conference Committee in 31 years and to be here with you as we move forward with this historic effort. Before i deliver my opening remarks, i want to take a moment to welcome everyone and discuss the format of todays meeting. I also would like to thank the members of congress joining us today from both sides of the of the and both sides aisle. I think all the members of the house and senate and our professional staff who worked so for the pasteform several years. In particular, the members of the ways and Means Committee and senator hatch in the finance committee. We will begin todays meeti
Members met senate to reconcile bills. Orrin hatch chairs the finance reportersand told that then reached agreements on how to overhaul the code. The Senate House Committee will come to order. I am deeply honored to chair this Conference Committee, the first Tax Reform Conference Committee in 31 years and to be here with you as we move forward with this historic effort. Before i deliver my opening remarks, i want to take a moment to welcome everyone and discuss the format of todays meeting. I also would like to thank the members of congress joining us today from both sides of the of the and both sides aisle. I think all the members of the house and senate and our professional staff who worked so for the pasteform several years. In particular, the members of the ways and Means Committee and senator hatch in the finance committee. We will begin todays meeting with the opportunity for each country to make an Opening Statement of up to three minutes. In order to ensure each country has an
Overseas profits. So under the new plan that reportedly is emerging, corporations will have a 21 u. S. Tax rate. But if you move your business or company overseas, its zero, not 21 just like today those corporations that move their businesses overseas will have to pay taxes to those foreign governments on the profits they make overseas. But lots of those corporations can shift those profits to parts of the world where theres zero income tax liability. And republicans in the house and senate claim that they solve this problem by going to a minimum tax on certain foreign profits. And heres how our republican colleagues claim they fix this problem. Lets say you have a company that keeps it either has its headquarters or puts its profits in the Cayman Islands. I hope my colleagues will follow this and fix this while theres still time. So you have a 2 million profit in the Cayman Islands. So you pay zero foreign taxes, as the Cayman Islands doesnt have any tax. And of course under this plan
Washington and the leadership in some parts of the republican party, particularly the senate, and that is what is driving him. Want afterward senate and 9 00 p. M. Eastern on cspan2 possible tb. Now, to the house and Senate Conference meeting on tax reform. Committee members talked about the two tax reform bills passed separately out of each chamber. Good afternoon, everyone. I am deeply honored to tear this Conference Committee, the first Tax Reform Conference Committee and 31 years. And to be here with all of you as we move forward with this historic effort. Before i deliver my opening remarks, i want to take a moment to welcome everyone to discuss the format of todays meeting. I would also like to thank all of the members of congress trying us today from both sides of the capital, and both sides of the aisle. I also thank all of the members of the house and senate and our professional staff who have worked so hard on tax reform for the past several years, and in particular, the memb
Before we get started, id just like to address in the words of general schwartz cop, a little schwarzkopf a little b. S. On travel, and i just want to read a little statement for you so you have it. I believe taxpayers absolutely have the right to know official travel costs. Its common sense, and at the department we make those documents and my travel schedule available to everyone. Using tax dollars wisely and ethically is the greatest responsibility and at the good heart of good government. And there are times, however, we have to utilize Charter Services because we often travel in areas and under circumstances that we dont have other flight options. I fly coach. Since being sworn in, ive used a charter on three occasions. The first occasion was being invited on a bipartisan congressional delegation by the Senate Energy and Natural Resources committee in the arctic circle. As you know, the alaskan senator, lisa murkowski, is the chair, and i find her company and her invitation to be