Pete Stark: “I rise today in strident opposition to H.R. 4520 the so-called ``Jobs Creation Act.'' This bill is a sham and a…”

“I rise today in strident opposition to H.R. 4520 the so-called ``Jobs Creation Act.'' This bill is a sham and a disgrace--and everybody knows it. Repealing the extraterritorial income (ETI) regime is absolutely necessary to avoid retaliatory duties imposed by the European Union, but replacing that regime with unnecessary corporate tax cuts, and including extraneous provisions that have no business in a corporate tax bill, is ludicrous. We have known for years that tax systems benefiting exports are clearly prohibited under our international trade agreements. Now we are faced with growing duties on certain exports, which hurt manufacturers and put American jobs in jeopardy. A bill to put the United States in compliance with World Trade Organization trade laws has been turned into a Christmas tree of special interest give-aways. By reducing from nine to two the number of foreign tax credit baskets, foreign controlled subsidiaries of U.S. corporations will have new tax shelters including domestic companies to move even more jobs overseas. During this jobless economic recovery, we cannot afford to give corporations even more incentive to ship jobs offshore. I'm appalled that such a bill would even be considered on the House floor. The Republicans have always claimed to be fiscally responsible, but this bill is one of the most fiscally irresponsible pieces of legislation I have ever seen.”