At the first Ways & Means Committee hearing this year Chairman Camp said that comprehensive tax reform would be a "long discussion." Last month Chairman Camp initiated a new phase of this "long discussion" when he released his international tax reform discussion draft. I applaud Chairman Camp and his staff for their wonderful work in putting the discussion draft together. They should also be commended for the transparency of this process.
The purpose of the discussion draft is to gather feedback on how the Ways & Means Committee can best transition to a territorial system of taxation. I look forward to gathering some of that feedback today. We are lucky to have before us a panel of some of the most well respected international tax practitioners in the country. In addition, I very much encourage practitioners, businesses, academics and other interested parties to share their feedback as well. They can do so by visiting the "comprehensive tax reform" section of the Ways & Means Committee website. Finally, I want to emphasize that comprehensive tax reform remains our goal. By the time we are finished, we will have reformed the tax code for corporations, pass-throughs and individuals.