May 18, 2016 – University of Houston Law Center Associate Professor Bret Wells told a U.S. Senate committee Tuesday that the U.S. tax system can improve by combining the taxation of corporations and shareholders.
Wells testified before the U.S. Senate Committee on Finance in Washington, D.C.
"Our tax system is in need of fundamental reform. Finding a path to rationalizing the taxation of active business income is an important goal - a monumental goal, in fact," he said. "The integration of shareholder corporate taxation can achieve that goal. A broad consensus exists that significant efficiencies can be achieved through corporate integration."
Wells' comments were based on his upcoming paper, "International Tax Reform By Means of Corporate Integration," which will be published in the Fall 2016 edition of the Florida Tax Review. Wells' witness statement and archived hearing webcast are available at the Senate Finance Committee Hearing website.
Wells was joined on a panel by Professor Michael J. Graetz of Columbia Law School, Judy A. Miller, director of Retirement Policy for the American Retirement Association and executive director of the ASPPA College of Pension Actuaries, and Steven M. Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center.