Joe Crowley: “I thank the gentleman, my friend from Michigan, for yielding me this time. Mr. Speaker, I rise in strong opposition to…”

“I thank the gentleman, my friend from Michigan, for yielding me this time. Mr. Speaker, I rise in strong opposition to this bill. There are a number of reasons to oppose this legislation. One, this bill is not targeted towards job creation. Frankly, it is not targeted at all. It will provide 99.6 percent of all businesses with a tax break, regardless of whether or not they create one American job or not. Two, this bill does not prevent businesses from taking a tax cut even when they lay off workers. Three, this bill fails to help the businesses most in need, such as new businesses or start-ups. They're not eligible for any provisions in this bill. Fourth, this bill will add billions to the deficit, which will hurt economic growth in America. Five, and most egregiously, this bill provides companies who are in the midst of offshoring jobs with a tax break. During committee consideration of this legislation, I offered an amendment to deny this tax deduction to any company that reduces the number of American workers and jobs while correspondingly increasing its foreign workforce. Additionally, the amendment stated if a company offshores U.S. jobs next year, after this 1-year tax expenditure expires, the funds would be recaptured or taken back by the Treasury. This is so a company cannot take the money this year and run away with American dollars and jobs next year and put them overseas. My amendment enjoyed the support of every Democrat on the Committee of Ways and Means.…”