two companies decide to compete for a government contract. This happens, in fact, with dozens of companies, hundreds of companies all over America seeking different government contracts and wanting business that is funded by the taxpayers. Of these two companies, however, one of them has chosen to denounce its American citizenship when it is time to pay its taxes, by moving overseas and declaring that it is a company organized in Hamilton, Bermuda. The other company is an American company, not only when it comes time to put their hand out to get a government contract, but also when it comes time to put their hand out to pay the taxes that they earned on their American business. Now, which one of those companies has the competitive advantage? The one that stayed home and was patriotic to America, or the one that dodged its taxes and has lower overhead because it has lower taxes? I think the answer is rather obvious. Yet this Republican leadership has defended a practice that encourages corporations to dodge their taxes and to head off to Bermuda or Barbados or somewhere else.
On the recordJune 16, 2004
Source
govinfo.govEditor's note · Context
Discussing corporate tax avoidance and its implications for American competitiveness.
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