Byron Dorgan: “it is interesting that this behaves in exactly the opposite way as the Senator from Virginia understands it. When you…”

“it is interesting that this behaves in exactly the opposite way as the Senator from Virginia understands it. When you say to a company in this country, if you will simply invest overseas, heck, move a plant overseas, fire your workers in North Dakota and Virginia and Ohio, and employ foreign workers, if you will just do that, we will give you a deal. You will never, ever have to pay taxes on your earnings overseas. So get rid of that U.S. plant. Move it overseas. Earn your money there. And you simply do not have to pay taxes on it. That is called deferral. And the only time you will ever have to pay taxes is if you repatriate your income to this country. So there is a built-in incentive to move your company overseas. I am surprised the Senator from Virginia would ask a question about that because, in fact, the Finance Committee is now saying: I have an even better deal. We will keep deferral in the law--which is the perverse incentive--and we will allow you to repatriate that which you did earn, and we will charge you only a 5-percent income tax. Any company that takes a look at that would say: Well, I can't have a better deal than this. They will continually support me to invest overseas. And there will now be precedent to allow me to repatriate the income and pay--I don't know--a fourth of the tax of the lowest paid workers in this country.”