Since the 112th Congress commenced in January, the House Ways and Means Committee and the Senate Finance Committee have held more than 20 hearings to discuss principles and general issues of tax reform that could establish a framework for developing and analyzing specific tax reform proposals.

Several common themes have been discussed by witnesses during the hearings, including options to lower the corporate income tax rate, broaden the tax base, move toward a “competitive” territorial taxation system, and implement a consumption tax. One general concern expressed by some CEOs and other corporate executives testifying on behalf of major US corporations is that the complexity of the US tax system impedes their companies’ ability to compete in the global marketplace. Several CEOs have stated that they would be willing to give up various corporate tax expenditures in exchange for a lower corporate tax rate in line with the 25 % OECD average rate.