[inaudible conversations] [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] testing microphone. [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] [background sounds] today the first and oldest committee on congress, the ways and Means Committee begins consideration to tax cuts and jobs act. Historic legislation to bring lasting tax relief to workers families and to our job creators throughout this nation. Before bin we begin, we all recognize terrible tragedy, the shooting at the First Baptist church in Sutherland Springs texas. All our hearts are heavy. Our prayers go out to the families and the loved ones, 26 victims as well as the ten texans fighting for their lives as we convene today. Our prayers are with you. It has been or than three decades since americas tax code was reformed under president ronaldhr
Temperatures plunging in the northeast. And the 22yearold woman snatched on the street. More video released overnight of her chilling abduction. And what a mystery man was seen doing on tape. Freeze frame whos that boy . How does this go so viral so fast. Its what you think. What made this teenager the target of an internet obsession out of nowhere. And good morning, america. What a big, historic night for the gop. Sweeping wins across the country. Solidifying their hold on congress. Surprising democratic governors. Taking back the senate. Heres where things stand, 52, 45. Seven pickups for the gop. Nearly all across the country. And three states in the balance, virginia and alaska, still too close to call. Louisiana, a run off in december. What does this mean for president obama . He is going to be at the white house. He is preparing to speak this afternoon to the nation. And in an instant, its time for the race for 2016. And what does that mean . Governor of new jersey, Chris Christi
Temperatures plunging in the northeast. And the 22yearold woman snatched on the street. More video released overnight of her chilling abduction. And what a mystery man was seen doing on tape. Freeze frame whos that boy . How does this go so viral so fast. Its what you think. What made this teenager the target of an internet obsession out of nowhere. And good morning, america. What a big, historic night for the gop. Sweeping wins across the country. Solidifying their hold on congress. Surprising democratic governors. Taking back the senate. Heres where things stand, 52, 45. Seven pickups for the gop. Nearly all across the country. And three states in the balance, virginia and alaska, still too close to call. Louisiana, a run off in december. What does this mean for president obama . He is going to be at the white house. He is preparing to speak this afternoon to the nation. And in an instant, its time for the race for 2016. And what does that mean . Governor of new jersey, Chris Christi
Caterpillar had been reporting most of the income from the sale of its Replacement Parts outside of the u. S. On its u. S. Tax return. Is that correct . That is correct. That is when it sold parts to caterpillars nonu. S. Dealers. Is that correct . Yes. 85 or more of its nonu. S. Income is included on caterpillars u. S. Tax return. Is that correct . That is correct. After caterpillar executed csarl transaction starting in 1999 is the correct that caterpillar basically reversed those percentages and allocated 15 or less of the nonu. S. Parts and come to itself in the United States and 85 or more to csarl in switzerland which had an effective tax rate between four and 6 . Is that correct . Thats correct. In terms of their arrangement that caterpillar had with respect to his relationship with caterpillar csarl that was in fact a business arrangement that included a license for more than just the parts activities themselves and included the entire Business Activities undertaken by caterpil
Thank you. A minute before the red light comes on on the timer you will see a light changed from green to yellow, giving you an opportunity to conclude remarks. Your written testimony will be printed in the record in its entirety. Please let your oral testimony to ten minutes. And i understand that you will be presenting the statement for caterpillar. Is that correct . Yes, i well. Please proceed. Good afternoon, chairman levin, senator mccain. Thank you for the average into the job. For the subcommittee today. My name is julie legacy, and i am the vicepresident of the finance Services Division of caterpillar which includes tax and accounting function. On my left is caterpillars director of global tax and trade robin baron, a 24 year caterpillar employee. On my right is right perkins, who retired in 2009 as one of our International Tax managers after 35 years of service debt. We are proud to represent caterpillar before you today. Caterpillar is a Great American company, and our reputa