Louie Gohmert: “Thank you, Madam Speaker. I do appreciate my friend's discussion today. In fact, there is an article I would like to…”

“Thank you, Madam Speaker. I do appreciate my friend's discussion today. In fact, there is an article I would like to move right into regarding the President's proposal to help middle America by going after corporations. {time} 1815 This is an article of Money News from Newsmax, by Peter Morici. This points out: Posturing as champion of needed public investments and fairness, President Barack Obama wants new taxes on the overseas earnings of American businesses. That would kill jobs and punish retired Americans. Although special deals permit some corporations to pay low taxes, most pay a heavy burden. The estimated effective U.S. corporate tax rate is about 27 percent and is well above the 20 percent imposed by other industrialized countries. The United States is virtually alone by taxing the overseas profits of its multinationals when those are repatriated. This has encouraged U.S. firms to invest nearly $2.1 trillion of their earnings abroad instead of bringing some of that money home to create jobs in America. Now the President wants an immediate 14 percent tax levy on those assets to raise about $500 billion and to impose a 19 percent tax on future earnings to finance infrastructure investments. Madam Speaker, we have heard this before, this mantra about how we are going to build infrastructure. If you will just give us, as it was the last time, $900 billion, we are going to rebuild the infrastructure of America. What happened?…”