Political Quotes

“Mr. President, the Senate bill also allows companies to blend the tax rate for income that is earned overseas, which may give companies incentives to move jobs to foreign countries, which creates a whole new tax avoidance scheme. I wanted to bring that rate down, to bring jobs here, to make sure that money is invested here, and to bring home some of the trillions of dollars that are overseas. That was a good idea. The only question was where was the rate, but not only did they change the rate, they actually changed the way we did those taxes. Bob Pozen, the former chairman of the oldest mutual fund company in the United States, has noted that the system that is contained in this bill, which includes this new average minimum U.S. tax, is ``like Swiss cheese. It has so many holes that it would rarely be paid by U.S. firms.'' He goes on to say that, in fact, this proposal would encourage U.S. companies to relocate to foreign countries a lot of their intellectual property. A minimum tax would be effective only if it applied, he says, to the foreign taxes paid by U.S. companies on a country-by-country basis, rather than on an aggregate basis across all foreign countries. Nevertheless, both the House and the Senate bill allow these companies to utilize this aggregate approach. Yet we have not had one hearing to look at this new system.…”