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Letter to the Honorable Dave Camp regarding CBO's Report Titled Options for Taxing U.S. Multinational Corporations 1 (February 15, 2013)

handle is hein.congrec/cbo10999 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 February 15, 2013 Honorable Dave Camp Chairman Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: This letter responds to concerns you raised about the Congressional Budget Office's (CBO's) report Options for Taxing U.S. Multinational Corporations, which was released on January 8, 2013. We continue to believe that it presents the key issues fairly and objectively and that its findings are well grounded in economic theory and are consistent with empirical studies in this area. Nevertheless, because of the complexity of the subject and the diverse views of experts in the field, we agree that it would have been desirable to seek comments from more outside reviewers. It is always our goal to seek outside reviewers for CBO studies who represent a broad range of views and perspectives. Following is a discussion of the various issues you raised regarding the report. External Review You expressed concern about the process through which the report was subject to outside peer review. To ensure that its analyses are objective, analytically sound, and clearly presented, CBO engages in rigorous internal review of all of its analyses and draws on the knowledge and insights of outside specialists with a variety of perspectives and from a variety of disciplines.' Those external reviewers are selected for their technical expertise-not for their viewpoints on particular subjects. Although their comments are helpful to CBO in ensuring the accuracy, clarity, and objectivity of material in its reports, the agency is not bound by them and takes full responsibility for the final product. Because the taxation of multinational corporations is a particularly complicated issue, CBO chose two external reviewers from very different backgrounds: Dr. Kimberly Clausing, the Thurmond A. Miller and Walter Mintz Professor of Economics at Reed College, who was asked to review the economic analysis, and Professor Steven Shay of Harvard Law School, who was asked to review the 1 For additional information, see Congressional Budget Office, Our Processes,

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