Byron Dorgan: “Most Americans do not know that at the moment there is a flurry of activity going on that also relates to values. This…”

“Most Americans do not know that at the moment there is a flurry of activity going on that also relates to values. This Congress, last year, passed legislation that contained a provision that is just Byzantine. It provides a tax break to companies that have, in many cases, moved their U.S. jobs overseas, earned income overseas, kept the income over there, and, under what is called a deferral, are not having to pay taxes on it in this country. We have a tax break for companies that shut down their American plant, move their plant overseas, earn income overseas, do not bring the income back, and they get what is called a deferral. They do not pay taxes. At some point, however, when they want to bring their income back to this country, they have to pay income taxes just as Americans do, and the companies that stayed here do, and the people who work for those companies do. Except last year, this Congress decided to give a big break to those who would repatriate their income from overseas profits. There is some $600 billion in income earned overseas that has not been repatriated and on which income taxes have not been paid.”