Rep. Doggett Introduces Amendment to Stop Outsourcing of American Jobs
WASHINGTON, D.C. – Today, Congressman Lloyd Doggett (D-TX), Ranking Member of the House Ways and Means Tax Policy Subcommittee, in the Ways & Means committee mark-up of the Republican tax bill (H.R. 1) introduced his Stop Outsourcing of American Jobs Amendment, which would require that multinational corporations looking to invest offshore pay the same tax rate as small businesses or domestic companies investing here in America. Rep. Doggett spoke multiple times on his amendment, and a portion of his remarks are below, with two of his full speeches following:
“President Trump has made stopping the outsourcing of American jobs a central element of his promise to the American people. Unfortunately, like his promise to have Mexico pay for his unnecessary wall, it’s very much a broken promise.”
“It is flat wrong that the corner pharmacy should have to pay a rate that is substantially higher on its operations than Pfizer on its operations. My amendment ensures that both are treated the same way – that we tax profits earned abroad the same way that they are taxed here at home.”
“All my amendment does is treat people who earn profits abroad the same way as those who earn profits at home. We’re not against profits; we’re not against maximizing profits; just pay your fair share. When you set up a system, as has been done in this bill, that creates one rate abroad that could be zero and at home it is 20 percent, guess where this money is going to flow? It will flow out of America, just like the jobs will flow out of America.”
“If you believe in keeping our jobs at home, and believe we have lost too many already, don’t create a system that the only jobs that it will add are more tax lawyers and more CPAs to find ways to dodge taxes. They have dodged enough. They have dodged $100 billion a year.”
The text of his amendment can be found here.
You may view Rep. Doggett’s full speech on his Motion to Postpone amendment, introduced yesterday, here.
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