Political Quotes

“I rise to speak on amendment No. 1422, which is a commonsense and, up to now, bipartisan approach to international tax reform. It simply says that under this budget we would do international tax reform. It would create incentives to have more jobs here in this country. Those are incentives for both U.S. companies and foreign companies to create jobs here in America. This is not a partisan issue; it has been bipartisan. In fact, it was part of the Simpson-Bowles provisions with regard to tax reform. Only a couple of years ago, I cochaired a working group on this issue with the now minority leader, Senator Schumer, where we came up with a proposal which said that the international system is broken and that we need to move to one like the one we are talking about in this amendment that brings back jobs. One of the problems is that the current Tax Code actually encourages companies to keep their money offshore. We think we could bring back a lot of that money. There is probably $2.5 to $3 trillion locked out offshore. But it is worse than that. It also leads to American companies being taken over by foreign companies and these inversions we have heard so much about. In the last 24 hours, we had another major inversion. Companies that have household names are picking up and leaving our country and taking their jobs and investment with them. This amendment is common sense, Mr. President. I urge my colleagues on both sides of the aisle to support it.…”