Political Quotes

“No. I'm going to finish my statement. The outsourcing provision has been before us a number of times. And you keep talking about workers. We talk about having workers in the United States having work. That's what this is all about. And essentially what the provision does in the Tax Code is to help those companies that ship jobs overseas, and what we're saying is that that should be prevented, period. We've been saying it time and time and time again. We've also discussed another loophole that's here that you don't seem to discuss, and that is for a relatively few very wealthy people taking a loophole in the Code and setting up a gift to others in the family, taking back the money, hoping that there will be an increase and no gift tax paid. That is a grievous loophole that should be closed, and we provide payment for this bill by closing it. Now, I want to finish about outsourcing. We have lost so many jobs in this country. If it comes through competition that's fair, so be it. If it comes, however, from companies using a provision that says you get a foreign tax credit on income, you're supposed to bring that income back here and not use the foreign tax credit to avoid taxation. {time} 1120 It's not an issue of double taxation. It is an issue of companies avoiding any taxation. So essentially everybody who comes to the floor to vote on this has the opportunity to eliminate the 1099 provision and to close loopholes and to stop some of the outsourcing of American jobs.…”