Anna Eshoo: “I'm very disappointed that I can't support this legislation because there are parts of the bill that I do support and…”

“I'm very disappointed that I can't support this legislation because there are parts of the bill that I do support and also because American industry needs to have a resolution to avoid debilitating trade sanctions and tariffs. I support the bill's extension of the Research and Development tax credit which is set to expire at the end of this month. I also strongly support the inclusion of incentives for corporations to repatriate their overseas profits which would stimulate the investment of hundreds of millions of dollars in our domestic economy. I've been a strong advocate of both of these provisions which were included in the alternative offered by Representative Rangel. In fact, the alternative includes language on repatriation of overseas profits that would provide even greater benefits than the bill before us. Unfortunately, with this bill, what began as an opportunity to correct the tax code and avert retaliatory tariffs has turned into a special interest handout for everything from tobacco to tackle boxes. None of the special interest provisions added have anything to do with amending international tax law but are merely an attempt to buy votes for this misguided bill. The bill also discriminates against small businesses, excluding them from many of the tax breaks granted to large corporation.”