Political Quotes

“Mr. President, I urge my colleagues to support this motion. This motion will send H.R. 1 back to the Committee on Finance with instructions to return it within 3 days to deal with one of the principal purposes of this act, and that is to create jobs. I am pleased that I am joined in this effort by Senators Feinstein, Blumenthal, Udall, Casey, Stabenow, Klobuchar, and Harris. As I explained yesterday--but I want to just go over this, if I could--this particular motion is based upon a bipartisan recommendation in the last Congress that came out of the Senate Finance Committee. We had working groups that took a look at the different aspects of our Tax Code in areas that we need to reform, and there was general agreement that we need to deal with the fact that American companies have earned earnings overseas, and they have parked those funds overseas and have not brought them back to the United States because of the differential tax rates between our corporate taxes and the tax rates overseas. The American companies were not willing to pay the taxes. So, therefore, they leave the money overseas. To bring that money back is called repatriation. So the money comes back to the United States. We have done this before, and we imposed a lower tax rate in order to get the money back here in the United States. The challenge with that proposal is a couple things. But, first, it is not a permanent revenue flow. It is a one-time-only revenue flow.…”