Political Quotes

“Mr. President, today I am introducing comprehensive legislation to repeal corporate tax loopholes that allow the cruise industry to avoid paying its fair share of U.S. corporate income taxes. These bills change the treatment of the revenue that foreign-based cruise lines earn from ships that embark or disembark nearly 15 million passengers a year in the United States. A string of recent incidents has demonstrated that when cruise ships get into trouble, the companies rely on the resources and assistance of the U.S. Navy and Coast Guard. The industry also uses the services of over 20 other U.S. agencies to the tune of millions of taxpayer dollars every year. The majority of cruise companies are organized as foreign corporations, even though many of their headquarters and executives are located in the United States. By incorporating in foreign countries, the cruise industry enjoys a special exemption under section 883 of the Internal Revenue Code, which provides that certain foreign corporations are not subject to U.S. taxes on income derived from the international operation of ships, even if the source of the income is in the United States. Today, I am introducing two bills, S. 1449 and S. 1450. The first would eliminate the section 883 special exemption for cruise industry income derived from passenger cruise voyages that embark or disembark passengers in the United States. This income would be treated as being U.S. sourced and effectively connected with a U.S.…”