Orrin Hatch: “Paragraph two of the letter says, and I quote: Under present law, there are no specific tax credits or disallowances of…”

“Paragraph two of the letter says, and I quote: Under present law, there are no specific tax credits or disallowances of deductions solely for locating jobs in the United States or overseas. Deductions generally are allowed for all ordinary and necessary expenses paid or incurred by the taxpayer during the taxable year in carrying on any trade or business, which includes the relocation of business units. Now, perhaps my friends on the other side take issue with a description of tax policy from Congress's nonpartisan official scorekeeper. Well, if they do, I invite them--or the President, for that matter--to show me the provision of the Internal Revenue Code that contains a special deduction for shipping jobs overseas. Let me just mention that this is the Internal Revenue Code I have in my hand. It is getting so big you can hardly handle it. Maybe Joint Tax and I are wrong, so I will keep the Tax Code right at my desk, and if one of my friends wants to leaf through the Code and show me the section that provides a special deduction for shipping jobs overseas, I will stand corrected. They cannot. It is not in here, this huge conglomerated mess that we would like to reform, which will not be reformed until there is a change in administration. This administration is in the habit of pointing fingers every which way, blaming everyone but themselves for our weak economy and pathetic job growth.…”