[Congressional Record Volume 156, Number 114 (Friday, July 30, 2010)]
[House]
[Pages H6461-H6462]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 AMERICAN BUSINESS COMPETITIVENESS ACT

  (Mr. MAFFEI asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. MAFFEI. Mr. Speaker, our current Tax Code is riddled with 
loopholes for big multinational corporations. Many industries, 
especially those with high-paid lobbyists, get special tax breaks, many 
of which actually reward companies for sending jobs overseas.
  The Syracuse Post-Standard pointed out these breaks cost us up to 
$123 billion a year. Now, most businesses employ hardworking citizens 
and keep the economy afloat. Where are the tax breaks for them? 
Instead, they pay one

[[Page H6462]]

of the highest tax rates, 35 percent, simply because they are American 
businesses.
  We are putting our entire business community at a competitive 
disadvantage in the worldwide market while rewarding corporations that 
build factories in China and Mexico.
  Mr. Speaker, the bill that I have introduced this week will eliminate 
the irresponsible tax loopholes that move our jobs overseas and use the 
money saved from that to lower the corporate tax rate by a third. That 
would help create millions of manufacturing jobs and other jobs here in 
America.

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