A distinguished Arizona citizen commenting on ABC's This Week program made very clear his opposition to foreign sales corporations, as did the Washington Times which referred to the bipartisan involvement, called it ``an almost unanimous blunder.'' Let us be very clear about what this bill does. An eligible product need have little or no U.S. manufactured content in order to qualify for this special new tax treatment. If one has a pair of Levis and it is made entirely outside the United States but one slaps on a label that says ``Levis,'' under this bill's supporters are unable to say that this foreign manufactured product will not qualify for special tax relief. If one has a Marlboro cigarette that does not have one percentage point of tobacco from American tobacco farmers in it but one slaps ``Marlboro'' on it, and that gives it more than 50 percent value, it qualifies for a tax break. If one has a zocor tablet that is manufactured outside the United States but one puts ``zocor'' on it and adds 50 percent of the value, it qualifies for a tax break.
Editor's note · Context
Discussing the implications of foreign sales corporations and tax treatment for products with little U.S. content.
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