At Committee Hearing, Portman Touts Benefits of Tax Reform, Stresses Importance of American Competitiveness Around the World

March 25, 2021

WASHINGTON, DC - Today, at a Senate Finance Committee hearing, U.S. Senator Rob Portman explained how provisions in the Tax Cuts and Jobs Act (TCJA) bolstered the competitiveness of U.S companies operating in the global marketplace, benefiting the U.S. economy and American workers alike. In 2015, Portman co-chaired the International Tax working group, which examined the international tax system and proposed a bipartisan framework, which was the basis for TCJA.

Democrats have proposed dramatically increasing the corporate tax rate and dismantling a number of provisions from TCJA that have successfully put U.S. companies on a level playing field with their foreign competitors and encouraged investment in the U.S. In addition, Portman questioned the witnesses on the allegations that TCJA resulted in off-shoring, and the witness confirmed that TCJA does not off-shore jobs, but instead makes the U.S. an attractive place to do business and ultimately helps American workers. 

A transcript of his remarks can be found below and a video can be found here.