US Senator Mike Rounds says he expects the House and Senate to move their tax reform proposal into conference committee by next week.
That’s the promise from President Donald Trump and congressional Republicans, to deliver on tax reform before the holidays.
Rounds says he’s confident tax reform will grow the economy by providing incentives for companies that hold money overseas to bring it back.
“For me, there’s no question that if you have the right tax structure—and clearly we do not have a competitive one today—if you have the right tax structure you’ll compete and keep those businesses here," Rounds says. "That’s what this is about, keeping our economy here, rather than losing in those competitive races with the vast majority of the rest of the industrialized world.”
Rounds says tax havens like the Cayman Island’s will always have lower tax rates than the U-S, and a market for tax dependent businesses. He says companies that like the stability of the US may return.