John Ensign: “In the underlying bill is an amendment that Senator Boxer and I worked on last year. It was voted on in the Senate and…”

“In the underlying bill is an amendment that Senator Boxer and I worked on last year. It was voted on in the Senate and had 75 affirmative votes, 25 negative votes. Seventy-five Senators said, last year, it is a good idea for money that is sitting outside the country in bank accounts--in businesses' bank accounts outside the United States--to come back to the United States to create jobs and help the American economy. Right now, if companies bring that money back, they will have to pay the difference between whatever that country charged and our 35-percent corporate tax rate. At the top rate, it is 35 percent they are paying. Therefore, those companies are leaving that money overseas. Well, with our piece of legislation, it is estimated that somewhere between $400 billion and $600 billion will come back to the United States in the next 12 months. That is a huge amount of money and will be a huge boost to the American economy. Independent estimates by Allen Sinai, a well-respected economist, well respected by Democrats and Republicans, said this bill will create 660,000 jobs in the United States. Frankly, the amendment by Senator Breaux and Senator Feinstein will gut this amendment.”