Political Quotes

“I wish to speak about amendments I have filed to the Bring Jobs Home Act. My first amendment, the United States Job Creation and International Tax Reform Act, would truly incentivize American companies to create jobs in the United States, while at the same time leveling the playing field for U.S. companies in the global marketplace. We can do this by reforming the rules for taxing the global operations of American companies and making America a more attractive location to base a business that serves customers around the world. Our current Tax Code does just the opposite, but the base bill we are debating today wouldn't change that. Instead, it would discourage global businesses from locating their headquarters in the United States and make it harder for U.S.-based companies to expand. Instead of messaging that we should bring jobs home, we need to reform our outdated international Tax Code. Let's just do it. Many of the United States' major trading partners have moved to what are called territorial tax systems. Those types of tax systems tax the income generated within their borders and exempt foreign earnings from tax. The United States, on the other hand, taxes the worldwide income of U.S. companies and provides deferral of U.S. tax until the foreign earnings are brought home. Deferring these taxes incentivizes companies to leave their money abroad.…”