at large at "fortune" magazine, author of the recent article positively unamerican tax dodges, allan sloan, allan, thank you so much for being here. good to see you. (applause) there it is, positively unamerican tax dodges, "fortune" magazine. okay, al, what is the big deal? this is just a corporation exercising its fiduciary responsibility to return the greatest profit for its investors. when did fortune become a socialist magazine. >> well, actually we're a capitalist magazine. >> stephen: got a funny way of showing it, al. >> well, more so than they are. because we actually worry about things like the long-term future of the united states, the long-term future of business, and the long-term future of corporate america. and if you go and talk to people, you will discover people are enraged by there. >> stephen: okay, you call this positively unamerican. why unamerican. these companies are still patriotic. because whether they're paying taxes or not in the united states, i'm sure they will still use all their corporate money to help elect officials who approve of their behavior. (applause

allan sloan comiskey editor at large for fortune. our thanks to all of you for coming. it is archived that your prepaid statements will be made a part of the hearing record in their entirety. if you could use your five minute summarized, that would be very help old. the senators have many questions. we're going to have both the 10:45, this would be a juggling act and we will try to handle this as well as the chaotic senate agile allows. or stack are welcome. >> thank you, senators. thank you senators. distinguished members of the committee come i appreciate the opportunity to appear today to discuss port international tax issues to richer committee devoted santa letter. i'd like to begin by driving the work we're doing the g20 oecd baser version of profit shifting and then link the discussion to consideration of the need for international tax reform as well as measures outlined in the frustration fy 2015 budget proposals to address u.s. stripping including through so-called inversion transactions. in june 2012 at the g20 summit in los cabos, mexico, leaders of the world

allan sloan. our thanks to all of you for coming. it is our custom that you're prepared statements will be made a part of the hearing record in their entirety. if you could use your five minutes to summarize it would be helpful. dino centers have many questions we will have some votes at 1045. this will be a bit of a juggling act. we will try to handle this as well as the chaotic senate schedule allows. so welcome. juggling act. we will try to handle this as well as the chaotic senate schedule allows. mr. stack, lcome. >> thank you. i appreciate the opportunity to appear today chairman wyden, ranking member hatch and distinguished members of the community. i appreciate the opportunity to appear to discuss these important international tax issues to which your committee has devoted substantial effort i'd like to begin by describing the work we're doing in the g-20 betts project and then link that discussion to consideration of the need for international tax reform, as well as measure, outlined in the administration fy-2015 budget prop

after that allan sloan of fortune magazine will discuss how some u.s. companies are reincorporation overseas to avoid paying u.s. corporate taxes. we will take phone calls facebook comments and tweets. washington journal live tomorrow at 7:00 a.m. eastern on c-span2. also tomorrow the house rules committee will meet to consider legislation that would grant authority to begin litigation action begins president obama for what they say our decisions and consistent with his duties as outlined in the constitution says. you can see that live tomorrow at 10:00 a.m. eastern on c-span 3m. >> president obama was in virginia earlier today to hear about innovations for transportation programs and bring the federal highway trust fund which was approved by the house leader in the day. introducing the president is transportation secretary anthony fox. this is 20 minutes. [applause] >> hello everyone. how is everybody doing? it is just another day in the office right? i am excited to be here today especially given year with what president obama is with us here toda

our guest is allan sloan, senior editor at large for "fortune" magazine.e onton journal" is c-span every wednesday at 7:00 a.m. eastern conversation on facebook and twitter. >> here's what i had live tomorrow on our companion network c-span3. the house rules committee will consider legislation that will grant authority to begin a lawsuit against president obama for what the public and leaders described as "actions by the president inconsistent with his duties under the constitution. that is a 10:00 a.m. eastern. a focus on scams that target the elderly that cost more than $73 million a year. there will be representatives from the f d.c. and fbi -- ftc and fbi. now you can keep in touch with current events using any phone, anytime with c-span radio on audio now greater -- audio now. you can hear congressional coverage, public affairs forms, and today's "washington journal." you can also hear audio of the five network sunday public affairs programs beginning at sunday at noon eastern. c-span radio on audio now. long distance or phone charges may apply. the h

allan sloan, the senior editor at large for "fortune" magazine. our thanks to all of you for coming. it's our custom that your prepared statements will be made a part of the hearing record in their entirety. if you could use your five minutes to summarize, that would be helpful. i know senators have many questions. we're going to have votes at 10:45. this will be a bit of a juggling act. we will try to handle this as well as the chaotic senate schedule allows. mr. stack, welcome. >> thank you, senators. chairman wyden, ranking member hatch and distinguished members of the committee, i appreciate the opportunity to appear to discuss these important international tax issues to which your committee has devoted substantial effort i'd like to begin by describing the work we're doing in the g-20 base erosion and profit shifting or beps project. then link that discussion to consideration of the need for international tax reform, as well as measure, outlined in the administration fy-2015 budget proposals to address u.s. base stripping including through so

allan sloan wrote this piece. let's just again with the technical word for how companies do that.that is in version. what does that mean? inversion is a polite way of saying that the company desserts the united states and moves their headquarters to another country, but everything else stays the same until they owe taxes. host: how are companies hagel did do this? -- able to do this? guest: because it is not legal. -- because it is legal. typically a u.s. company purchases a foreign company in a kind of reverse transaction. in what was called the allan it wasorporation tlc incorporated into a different country. nothing changes except the paperwork. how much does this mean to lost revenue for the treasury? knows.nobody it is clearly billions and billions. there was a projection that the joint committee on taxation did that said that if these things $20not stop, it would cost billion over 10 years. everyone i spoke with said that the estimate was very low because it did not anticipate what was going on now. the short answer is that no one knows, but it is a lot. story is figure in t