Sen. Rob Portman called for Congress to reform the corporate tax code, rebutting the recent Democratic argument about American companies moving their headquarters overseas.
On CNBC Wednesday morning, the Ohio Republican and possible 2016 Republican presidential candidate argued that companies like Burger King are moving their headquarters to other countries because U.S. corporate taxes are too high and too complicated.
“Let’s get busy. Let’s lower the rate. Let’s go to a competitive international system,” Portman said.
During the 2012 election, President Obama proposed overhauling the corporate tax code, including lowering the rate from 35 to 28 percent, but the idea stalled in Congress.
Portman previously called for reforming corporate taxes in a June 25 Wall Street Journal op-ed.
