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Of february 9, 2016. All in favor say, aye. Aye. Any opposed . Item no. 3. Pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation, under god, indivisible, with liberty and justice for all. Item no. 4, Public Comment not listed on items on the agenda. Is there any additional Public Comment . Seeing none, Public Comment is closed. Ooul item no. 5a. Executive directors report. Good afternoon, president willie adams, elaine port director. I would like to say thank you for being appointed to the port. This honor has a particular significance to me. A significance that i will carry through this transition period and will call upon times when times are harder. She has left an organization wit ....
Their dbt relief practices that are said. What i understand is that they are not taking into account peoples ability to pay and they are automatically assessing this 300 dollar fine and i dont understand that to be in the spirit of San Francisco in terms of the way we treat our members of our community. Alliance one has contracts with as i understand with alameda as well as contra costa. They are out of san diego. In San Francisco they assess these fines in fees in San Francisco if you do not appear to set a court date for your traffic matter, you are not only given a failure to appear and failure to pay, you are given the 300 dollar fine and then you are not able to actually add yourself to calendar unless you pay the full fine thatthe full fee of the expense you are charged with. If im charged with speeding which carries ....
All business outside the United States. There are some provisions like the r d credit and the production deduction that are part of u. S. Tax law. You would then add some back in for state and local taxes. At the end you come up to 29 . I just am curious why it is that you would pay even with the overseas profits, you would still pay a higher effective tax rate than motion other corporations. We do think that is significant, especially considering 65 of our business is or more than 65 is outside of the United States. When and how often since 1999 has the Internal Revenue service cadetted caterpillar. We are under continual examination, the irs literally sits outside my office in that time frame we have closed 99, two 2001, 2002, 2003, 2004, five what havent you closed, what year . The 2007 and later years are still under ....
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 ....
Percentage terms the opportunity to move from 35 tax rate to a 10 tax rate is a 25 percentage point improvement. Thats material. When you Start Talking about 20 tax rate moving to a temper sent tax rate thats only 10 Percentage Points and when you look at the cost of the relative benefits of becomes much more of a push so i think Companies Might be looking at those sites of that question both the basis of taxation in terms of its territorial, need for a territorial system as well as the tax rate that would apply. Their feeling is that it might actually a lower tax rate being more income into the tax net. I think thats very likely and in fact he would see a lot of repatriation of the 2 trillion tied up overseas. You are going to bring it back at the high rates of the two are combined. Let me make the obvious point whic ....