John Joseph Moakley: “This is special interest legislation. It has a name. It is the ``foreign corporate freeloader special interest tax…”

“This is special interest legislation. It has a name. It is the ``foreign corporate freeloader special interest tax loophole big contributor protection act.'' It is simply cloaked in helping average American families. But what they want to do is lock in place an incredibly unfair and complex tax system which favors the privileged and the wealthy. A few examples: The Government Accounting Office says, over the last 6-year period they have numbers for 70 percent of the large foreign corporations operating in the United States that avoided all U.S. taxes despite their profits. They want to lock that system in place. The Intel Corporation got a ruling that a large part of their income should be treated as income in Japan for tax purposes. Unfortunately, the United States of America has a treaty with Japan which says it has to be treated as American income. So guess what? The Intel Corporation paid no tax. They did not pay tax on that income. Now, would not average Americans like to have that kind of a break, that kind of a loophole? They want to lock that unfair system in place.”