NEW YORK, Oct. 3, 2012 /PRNewswire/ --
About the type of tax reform: "We do have to have some sense of what's working and why in other parts of the world but we're going to need to design a uniquely American tax system for us."
About the challenges: "...Our US-based companies that earn revenue overseas actually are penalized if they bring it back to invest here, compared to their counterparts and competitors."
About tax reform in other countries: "They're doing it, they're reforming their codes, they're simplifying, they're lowering rates because they know that if they can attract those high paying jobs, their economies will do better, the government revenues will go up and they're going to be able to meet the needs of their citizens."
About his goals: "I think you need to do it (comprehensive tax reform) in one fell swoop but, as I said earlier, I think we need to take a step on extending, because we're in this very unique situation of everything expiring, I think we need to deal with that but then move in one fell swoop to kind of bring in some more fundamental reform."
On switching the U.S. to a territorial tax system: "The only way to get to a territorial system is to have credible, workable base erosion rules."
These quotations are from the exclusive Ernst & Young interview with Dave Camp (http://www.ey.com/Publication/vwLUAssets/Ways_and_Means_Chair_Dave_Camp_talks_tax_reform/$FILE/Dave_Camp_interview_with_EY.pdf ). Please feel free to reference the interview as needed for your coverage of potential tax reform. In addition, Kate Barton, Vice Chair of Tax Services for Ernst & Young, LLP, is available to discuss the most important points and implications to corporations and their tax decisions.
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SOURCE Ernst & Young