Wal-Mart’s Duke Says Tax Code’s Complexity Hurts U.S. Companies

The U.S. tax code needs a comprehensive rewrite, Mike Duke, the president and chief executive officer of Wal-Mart Stores Inc. (WMT), is telling the Senate Finance Committee today, according to his prepared testimony.

“The question for today’s discussion is not whether Wal- Mart can get by as a company under the current tax structure,” he will say this morning, according to the prepared remarks. “The question is whether this structure is the best approach for our country. We believe it is not.”

Also testifying today are the chief executive officers of CVS Caremark Corp. (CVS), Kimberly-Clark Corp. (KMB) and PMC-Sierra Inc.

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.