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September 20, 2006
HP-106
Testimony of Robert J. Carroll
Deputy Assistant Secretary (Tax Analysis)
United States Department of the Treasury
Before the Senate Committee on Finance
United States Senate
Mr. Chairman, Senator Baucus, and Distinguished Members of the Committee.
Thank you for the opportunity to appear before you today to discuss business tax reform. Tax reform is, without question, one of the most important issues facing our economy today. Reform of the federal tax on businesses offers significant opportunities for improving job and wage gains for American workers. A key consideration in evaluating approaches for reform in the business area is the relative efficiency of different policies to encourage investment, or, more accurately, to reduce the extent to which the tax system discourages investment. Also, in today's global economy, tax reform can play an important role in sustaining and improving the competitiveness of
Before focusing on business tax reform, I would first like to discuss the problems with our tax system more broadly. Then, I will focus on how the tax system affects investment and the importance of business taxation to the tax burden on investment.
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