The treasurer of a U.S. company that is projecting a global tax rate of less than 3 percent this year said the country's tax system makes it difficult to compete in overseas markets.
Anthony Smith of Thermo Fisher Scientific Inc. told the Senate Finance Committee Tuesday that the U.S. needs to lower the 35 percent corporate tax rate and make it easier for U.S. companies to bring profits home.
Thermo Fisher, which makes laboratory equipment, reported a 9.2 percent tax rate for 2014 and hasn't reported a tax rate above 12 percent since 2008, according to securities filings.
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