Political Quotes

“I am disappointed that the tax package in the Small Business Job Protection Act, H.R. 3448, does not include any provisions to correct the foreign sales corporation tax to provide equal treatment to computer software exports. I believe the managers of the bill, Senator Moynihan and Senator Roth, have done a fine job on the tax provisions in this legislation, except for this one issue. I want to thank Senator Moynihan for his support and I will continue to work with him and other Senators to correct this tax discrimination because it has hampered the competitiveness of our software industry for far too long. In 1971, before the birth of the software industry, Congress created tax incentives for U.S. companies to bolster exports. In an increasingly competitive global economy, Congress realized that U.S. businesses must export to succeed. Since 1987, however, the Treasury Department has interpreted the law to exclude most U.S. software exporters from receiving these benefits. Correcting this inequity will protect U.S. software development jobs and encourage economic growth through increased software exports. The United States is currently the world leader in software development, creating more than 500,000 high-wage, high-skill jobs in this country. Our tax policy should be encouraging the creation of more of these jobs, not hindering the ability of our software companies to compete in the global economy.”