David Thomas: “Mr. Speaker, the U.S. economy has experienced robust growth in the past 12 months, and it can be largely attributed to…”

“Mr. Speaker, the U.S. economy has experienced robust growth in the past 12 months, and it can be largely attributed to the tax relief this Congress provided the American people in 2001, 2002 and 2003. Today we are considering H.R. 4520, the American Jobs Creation Act of 2004, that will encourage further economic expansion and job creation by relieving sanctions providing tax relief to America's job creators. Right now 12 percent sanctions are being levied on thousands of American products--like agriculture, steel and timber--because the World Trade Organization ruled that the FSC/ETI export subsidy is noncompliant. These sanctions are making U.S. products more expensive in overseas markets, which hurts America's competitiveness in the worldwide economy. H.R. 4520 will repeal the offending provision, bringing our tax code into compliance, thereby ending sanctions. Repealing that provision without providing equivalent relief will amount to a tax increase on American businesses.”