[Congressional Record Volume 145, Number 52 (Thursday, April 15, 1999)]
[Extensions of Remarks]
[Page E682]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTRODUCTION OF CORPORATE RESPONSIBILITY ACT OF 1999

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                        HON. PETER J. VISCLOSKY

                               of indiana

                    in the house of representatives

                        Thursday, April 15, 1999

  Mr. VISCLOSKY. Mr. Speaker, today I introduced the Corporate 
Responsibility Act of 1999 which will save an estimated $33 billion in 
corporate welfare over the next five years. This bill eliminates or 
reforms twelve federal programs that currently use billions of taxpayer 
dollars to subsidize corporate America. Three years ago, Congress 
reduced welfare for individuals and families. Now it is time to do the 
same for corporations.
  This legislation is necessary to eliminate the system of tax breaks, 
subsidies and other policies given to wealthy special interests by the 
federal government. Time magazine estimates that corporate welfare 
costs American taxpayer $625 billion every five years. Foreign Sales 
Corporations (FSCs), which give tax breaks to corporations who 
transport American jobs overseas, alone account for $1.7 billion each 
year.
  My bill, similar to one introduced in the 105th Congress, takes aim 
at the worst examples of corporate welfare in the federal budget, 
including FSCs, special tax treatment of alcohol fuels, the Market 
Access Program, the Export Enhancement Program, and federal funding of 
forest roads for logging. The bill also includes a lock-box mechanism 
to ensure that all savings and revenue go directly toward reducing the 
public debt.
  This bill would save more than $33 billion over five years by ending 
corporate welfare programs and reforming others. Because this 
legislation is limited to the most egregious examples, my bill is a 
litmus test for anyone who is serious about ending corporate welfare. 
In short, this bill puts the best interest of our citizens--a balanced 
budget, jobs, education, and a clean environment--ahead of handouts to 
huge corporations and wealthy special interests.
  Consequently, I urge my colleagues to cosponsor and support the 
Corporate Responsibility Act of 1999.

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