Political Quotes

“Under the amendment of my friend from North Dakota, U.S. corporations or individual investors that own 10 percent or more of the stock of a U.S.-controlled foreign corporation would be taxed currently on the foreign corporation's profits when it sells goods back into the United States. Under present law, such profits are not taxed by the United States at the time earned. Instead, taxation is deferred until the foreign corporation's earnings are repatriated, that is, returned to its U.S. shareholders in the form of dividends or gains on the sale of their stock. In many cases, the sole U.S. shareholder of a foreign corporation is the parent corporation. In other cases, several U.S. corporations or investors own the foreign corporation. The premise underlying this proposal is that plants are being moved abroad for tax reasons. While this is a fair topic for examination, I do not believe this has been established with any certainty, and before the current rules are changed it must be. Investment abroad that is not tax driven is good for the United States.”