U.S. Representative Ed Royce (R-Calif.) questioned U.S. Secretary of the Treasury Jack Lew at a House Financial Services Committee hearing entitled “The Annual Report of the Financial Stability Oversight Council” on tax reform and the influence of the Financial Stability Board (FSB) on the Financial Stability Oversight Council (FSOC).
“I know back in 1986, you sat next to Tip O’Neil back when he and Ronald Reagan were working on the ’86 Tax Act and I was wondering what advice you might give maybe the next administration in terms of how the Speaker and how the President could work on the compromises that would get us to a result like that one. I think you are somewhat optimistic about the consequences of the economic growth we saw after the ’86 Act as well. So I wanted to speak for a second about this issue you mentioned about this bipartisan, widespread agreement that our current business tax rate is stifling economic growth and is making us uncompetitive. There is an agreement I think on the need to eliminate loopholes, and I think also some of us who agree we should be taking tax revenue from money parked overseas to pay …read more
Source:: U.S. Rep. Ed Royce
