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Reply #7: please contact your Senators today to oppose this bill [View All]

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Robert Oak Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-10-04 06:23 PM
Response to Original message
7. please contact your Senators today to oppose this bill
The reasons are this: (H.R. 4520)

I am not saying we don't need corporate tax cuts, but this version of the bill increases incentives to outsource
US jobs.

This was added in the house and why Ted Kennedy and others are speaking against this bill. The Senate version
was much more in our favor.

What happened was both the house and senate were working on this and truly it was a good idea..
but the house ways and committee CHANGED THE BILL and now it's bad for us!. Read the below snips on bill analysis
with respect to outsourcing and tax breaks to do so:
B) The amendment does not include the additional tax incentives provided in Title III of the Committee-reported bill for companies to move jobs and operations offshore. The nonpartisan Congressional Research Service, in a recent report, stated that our current system already provides incentives for companies to shift capital out of the United States to take advantage of low taxes overseas. The Committee-reported bill will only increase the incentives provided by current law.

On a largely party-line vote of 215-205, the House Sept. 29 rejected a Democratic nonbinding motion intended to remove incentives for businesses to "outsource" U.S. jobs to overseas locations.

The motion would have instructed members of a conference committee on an export tax bill (H.R. 4520) to remove from that bill any increases in tax benefits for overseas operations of multinational corporations. The motion also asked conferees to "provide the largest effective rate reduction for businesses that have not moved operations offshore."



Finally, this bill outsources jobs.

Middle class families across America live in fear every day that their good jobs will be shipped overseas. The people expect us to protect their jobs. But this bill provides a stunning 42 billion dollars in new tax breaks for multinational corporations that will make it easier for them to export your jobs. It has 24 different provisions that will use your taxes to create jobs overseas rather than here at home.

Imagine that. You are working hard every day, playing by the rules, trying to provide for your family, and faithfully paying your taxes. And this bill uses your tax dollars to ship your job overseas.

Why should a bill that the sponsors claim to be a jobs bill contain new special interest loopholes for importers of ceiling fans? And of the 276 new tax breaks in this bill, why on earth should we exclude from taxation the winnings of foreigners at horse and dog racing tracks? How does that strengthen America? How many new jobs will that one create?

This bill is of the elite corporate interests, by the elite corporate interests, for the elite corporate interests. It's a lobbyist's dream and a middle class nightmare. It's an embarrassment to representative government. I urge my colleagues to reject it.


Bill summary:
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