Political Quotes

“Mr. President, I will take a couple more minutes. First of all, I don't know how anybody can argue with this bill. It just says, one, we are going to end subsidies for plant closing costs. In other words, right now, a company could close a plant here and move it overseas. All of the costs of closing down that plant and ending that operation would take a deduction--or they could take losses or credit against taxes for the cost of closing that down. If they shipped it overseas--if a plant goes belly up, and they can't make it anymore, or whatever they have made is not being purchased anymore, that is one thing. I can see providing for credits and losses and deductions for that. But if they are closing it down and starting or expanding a similar trade or business overseas, they should not get any tax benefits whatsoever. That is what this bill does; it ends that loophole. It ends the tax break for runaway plants when they expand their businesses overseas. Why should we allow companies that, as I say, are not good citizens--they take their plant overseas and the money they make over there--first of all, they don't have the same environmental protections. They have terrible working conditions and low wages. But they take all those profits--and a company that is here making the same products in America pays workers more, pays into Social Security, pays higher taxes, has environmental concerns to deal with--but this plant in America has to pay taxes on their earnings.…”